193,441 Shares of Suncrete $RMIX Bought by State Street Corp

Key Points

• State Street acquired 193,441 Suncrete shares worth approximately $4.36 million in the second quarter, while institutional investors and hedge funds collectively held 71.07% of RMIX.
• Suncrete’s latest quarterly results missed expectations significantly, with a loss of $0.72 per share versus the anticipated $0.02 loss and revenue of $97.23 million versus the $104.93 million estimate, despite 146.2% year-over-year revenue growth.
• Analyst sentiment remains mixed: the consensus rating is “Buy” with an average $22.25 price target, although Weiss Ratings downgraded the stock to “Sell.”

State Street Corp purchased a new position in shares of Suncrete (NASDAQ:RMIX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 193,441 shares of the company's stock, valued at approximately $4,358,000. State Street Corp owned approximately 0.26% of Suncrete as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in RMIX. NewEdge Advisors LLC bought a new stake in shares of Suncrete during the 2nd quarter worth $29,000. Harraden Circle Investments LLC bought a new stake in Suncrete during the 2nd quarter valued at approximately $17,647,000. Susquehanna International Group LLP bought a new stake in Suncrete during the 2nd quarter valued at approximately $285,000. Alyeska Investment Group L.P. acquired a new stake in Suncrete in the 2nd quarter valued at approximately $78,044,000. Finally, Bank of New York Mellon Corp acquired a new stake in Suncrete in the 2nd quarter valued at approximately $27,360,000. Institutional investors and hedge funds own 71.07% of the company's stock.

Suncrete Stock Up 5.3%

RMIX stock opened at $13.05 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.15 and a debt-to-equity ratio of 0.56. Suncrete has a twelve month low of $9.20 and a twelve month high of $25.50. The company has a market capitalization of $959.04 million, a P/E ratio of -93.21 and a beta of 0.71. The business's fifty day moving average price is $16.58.

Suncrete (NASDAQ:RMIX - Get Free Report) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.72) earnings per share (EPS) 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 analyst estimates of $104.93 million. The company's revenue was up 146.2% on a year-over-year basis. As a group, equities research analysts anticipate that Suncrete will post -0.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RMIX has been the subject of a number of research analyst reports. Weiss Ratings lowered Suncrete from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday. Wall Street Zen upgraded shares of Suncrete to a "sell" rating in a research note on Saturday, June 13th. Jefferies Financial Group reaffirmed a "buy" rating and set a $22.00 target price on shares of Suncrete in a research report on Tuesday, August 18th. Finally, B. Riley Financial reiterated a "buy" rating and set a $25.00 target price (down from $26.00) on shares of Suncrete in a research note on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Suncrete currently has a consensus rating of "Buy" and an average target price of $22.25.

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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