Suncrete (NASDAQ:RMIX) Given Average Recommendation of "Buy" by Analysts

Key Points

• Analysts give Suncrete an average “Buy” rating from six firms, with three buys, two strong buys, and one hold. The average 12-month price target is $22.25, well above the reported $13.23 share price.
• Suncrete’s latest quarter fell short of expectations, reporting a $0.72 per-share loss versus a $0.02 expected loss and revenue of $97.23 million versus $104.93 million expected, despite 146.2% year-over-year revenue growth.
• Institutional ownership is substantial, with hedge funds and other institutions holding 71.07% of the company’s stock; several major investors initiated positions during the second quarter.

Shares of Suncrete (NASDAQ:RMIX - Get Free Report) have received an average rating of "Buy" from the six research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $22.25.

Several equities research analysts have commented on the company. B. Riley Financial reiterated a "buy" rating and set a $25.00 price objective (down from $26.00) on shares of Suncrete in a research note on Wednesday, August 19th. Jefferies Financial Group restated a "buy" rating and issued a $22.00 price objective on shares of Suncrete in a report on Tuesday, August 18th. Weiss Ratings raised shares of Suncrete from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 14th. Robert W. Baird initiated coverage on shares of Suncrete in a research report on Wednesday, May 27th. They set an "outperform" rating and a $21.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Suncrete to a "sell" rating in a report on Saturday, June 13th.

Suncrete Price Performance

Shares of NASDAQ RMIX opened at $13.23 on Monday. The company has a quick ratio of 1.15, a current ratio of 1.40 and a debt-to-equity ratio of 0.56. The stock's 50 day moving average price is $17.26. Suncrete has a 12 month low of $9.20 and a 12 month high of $25.50. The firm has a market cap of $972.27 million, a PE ratio of -94.50 and a beta of 0.71.

Suncrete (NASDAQ:RMIX - Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.70). The company had revenue of $97.23 million during the quarter, compared to analysts' expectations of $104.93 million. The firm's revenue for the quarter was up 146.2% on a year-over-year basis. Analysts anticipate that Suncrete will post -0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Suncrete

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC acquired a new stake in shares of Suncrete in the 2nd quarter worth $29,000. Susquehanna International Group LLP acquired a new position in shares of Suncrete during the 2nd quarter valued at about $285,000. Harraden Circle Investments LLC purchased a new stake in shares of Suncrete in the second quarter valued at about $17,647,000. Bank of New York Mellon Corp acquired a new stake in Suncrete during the second quarter worth about $27,360,000. Finally, Alyeska Investment Group L.P. purchased a new position in Suncrete during the second quarter worth about $78,044,000. Institutional investors and hedge funds own 71.07% of the company's stock.

About Suncrete

Suncrete, Inc is a construction materials company that manufactures and supplies ready-mixed concrete and related concrete products. Its materials are used in residential, commercial and infrastructure construction projects.

The company serves construction contractors, developers and other customers through its operating facilities and delivery network. Its business is focused on producing concrete to meet project-specific requirements and transporting it to job sites.

Publicly available information about Suncrete's corporate history, geographic footprint and leadership is limited.

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