Bank of America Corp DE Acquires New Stake in Concrete Pumping Holdings, Inc. $BBCP

Key Points

• Bank of America acquired 119,599 shares of Concrete Pumping Holdings in the second quarter, worth approximately $1.44 million and representing a 0.24% stake. Institutional investors collectively own 34.2% of the company.
• Analyst sentiment is mixed but remains moderately positive: the consensus rating is “Moderate Buy” with an average price target of $12, compared with the stock’s reported price of $9.88.
• Concrete Pumping exceeded quarterly expectations, reporting $0.09 in EPS and $116.77 million in revenue. The company also declared a quarterly dividend of $0.13 per share, implying a 5.3% annualized yield.

Bank of America Corp DE bought a new position in shares of Concrete Pumping Holdings, Inc. (NASDAQ:BBCP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 119,599 shares of the company's stock, valued at approximately $1,441,000. Bank of America Corp DE owned 0.24% of Concrete Pumping at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of BBCP. Hsbc Holdings PLC acquired a new stake in Concrete Pumping in the 2nd quarter worth $597,000. Canada Pension Plan Investment Board bought a new stake in shares of Concrete Pumping in the second quarter valued at about $243,000. Legal & General Group Plc bought a new stake in shares of Concrete Pumping in the second quarter valued at about $26,000. L2 Asset Management LLC acquired a new stake in Concrete Pumping during the second quarter worth about $124,000. Finally, Algert Global LLC acquired a new stake in Concrete Pumping during the second quarter worth about $2,848,000. Institutional investors own 34.20% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on BBCP shares. Robert W. Baird upped their price target on Concrete Pumping from $8.00 to $12.00 and gave the company a "neutral" rating in a report on Tuesday, June 9th. Zacks Research lowered Concrete Pumping from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Weiss Ratings upgraded Concrete Pumping from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, September 14th. Wall Street Zen lowered Concrete Pumping from a "buy" rating to a "hold" rating in a research note on Saturday, August 29th. Finally, Texas Capital raised Concrete Pumping to a "strong-buy" rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $12.00.

Concrete Pumping Stock Up 2.0%

NASDAQ BBCP opened at $9.88 on Friday. Concrete Pumping Holdings, Inc. has a 1-year low of $5.55 and a 1-year high of $12.19. The company has a market capitalization of $497.85 million, a price-to-earnings ratio of 61.75 and a beta of 0.88. The stock's 50 day moving average is $9.73 and its two-hundred day moving average is $9.13. The company has a current ratio of 1.71, a quick ratio of 1.60 and a debt-to-equity ratio of 1.56.

Concrete Pumping (NASDAQ:BBCP - Get Free Report) last issued its earnings results on Thursday, September 3rd. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. The business had revenue of $116.77 million during the quarter, compared to analysts' expectations of $110.19 million. Concrete Pumping had a return on equity of 3.91% and a net margin of 2.45%. Equities analysts forecast that Concrete Pumping Holdings, Inc. will post 0.19 earnings per share for the current fiscal year.

Concrete Pumping Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 18th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 5.3%. The ex-dividend date is Friday, September 18th. Concrete Pumping's dividend payout ratio is currently 325.00%.

Insider Transactions at Concrete Pumping

In other Concrete Pumping news, Director M. Brent Stevens sold 97,700 shares of Concrete Pumping stock in a transaction on Friday, July 10th. The stock was sold at an average price of $10.83, for a total transaction of $1,058,091.00. Following the completion of the transaction, the director directly owned 497,155 shares of the company's stock, valued at approximately $5,384,188.65. This trade represents a 16.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 28.20% of the stock is owned by corporate insiders.

Concrete Pumping Profile

Concrete Pumping Holdings, Inc NASDAQ: BBCP provides concrete pumping and related services to the construction industry. Through its operating businesses, the company supplies equipment and trained personnel to place concrete on residential, commercial, infrastructure, and other construction projects.

The company operates primarily through Brundage-Bone Concrete Pumping, a provider of concrete placement services in the United States, and Camfaud Group, which serves the United Kingdom.

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