Suncrete (NASDAQ:RMIX) Stock Has Consensus Target Price of $22.25

Key Points

• Analysts maintain a consensus “Buy” rating on Suncrete, with an average 12-month price target of $22.25 from six brokerages: three Buy, two Strong Buy and one Sell.
• Recent analyst views are mixed: Wall Street Zen and Weiss Ratings downgraded the stock, while B. Riley and Jefferies reaffirmed Buy ratings; B. Riley lowered its target to $25 from $26.
• Suncrete reported a quarterly loss of $0.72 per share, missing the $0.02 loss consensus, and revenue of $97.23 million versus expectations of $104.93 million, despite 146.2% year-over-year revenue growth.

Suncrete (NASDAQ:RMIX - Get Free Report) has earned a consensus rating of "Buy" from the six brokerages that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $22.25.

A number of analysts recently issued reports on the company. Wall Street Zen downgraded Suncrete from a "sell" rating to a "strong sell" rating in a research report on Saturday, October 3rd. Weiss Ratings cut shares of Suncrete from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, October 23rd. 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 report on Wednesday, August 19th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $22.00 target price on shares of Suncrete in a research note on Tuesday, August 18th.

Suncrete Price Performance

NASDAQ:RMIX opened at $8.93 on Tuesday. The firm has a market capitalization of $656.23 million, a price-to-earnings ratio of -63.79 and a beta of 0.93. Suncrete has a 1 year low of $8.32 and a 1 year high of $25.50. The business has a 50 day simple moving average of $12.02 and a 200-day simple moving average of $15.93. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.40 and a quick ratio of 1.15.

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

Hedge Funds Weigh In On Suncrete

Large investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. purchased a new stake in Suncrete in the 2nd quarter worth about $78,044,000. Bank of New York Mellon Corp bought a new stake in Suncrete in the second quarter worth about $27,360,000. Harraden Circle Investments LLC purchased a new position in shares of Suncrete during the second quarter valued at approximately $17,647,000. Royce & Associates LP purchased a new position in shares of Suncrete during the third quarter valued at approximately $5,512,000. Finally, CenterBook Partners LP boosted its position in shares of Suncrete by 170.0% during the third quarter. CenterBook Partners LP now owns 236,405 shares of the company's stock valued at $3,043,000 after buying an additional 148,853 shares during the period. 71.07% of the stock is owned by hedge funds and other institutional investors.

About Suncrete

Suncrete is a construction-materials company associated with the production and sale of ready-mixed concrete and related concrete products. Its operations support building and infrastructure projects by supplying concrete materials used in residential, commercial, industrial and other construction applications.

The company's product and service offerings have included ready-mix concrete, concrete masonry products and related construction materials. Suncrete has historically served contractors, builders, developers and other customers involved in construction and development projects.

Publicly available information about Suncrete's current operations, geographic footprint and leadership is limited.

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