BlackRock Inc. Purchases Shares of 1,332,881 Concrete Pumping Holdings, Inc. $BBCP

Key Points

• BlackRock acquired 1,332,881 shares of Concrete Pumping Holdings worth approximately $16.1 million, giving it a 2.65% stake. Institutional investors collectively own 34.2% of the company.
• Concrete Pumping exceeded quarterly expectations, reporting earnings of $0.09 per share versus the $0.08 consensus estimate and revenue of $116.77 million versus $110.19 million expected.
• The company declared a quarterly dividend of $0.13 per share, equivalent to an annualized $0.52 payout and a 5.7% yield. Analysts maintain a “Moderate Buy” consensus with a $10.25 average price target, despite several recent rating downgrades.

BlackRock Inc. acquired a new position in Concrete Pumping Holdings, Inc. (NASDAQ:BBCP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,332,881 shares of the company's stock, valued at approximately $16,061,000. BlackRock Inc. owned about 2.65% of Concrete Pumping as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BBCP. BNP Paribas Financial Markets lifted its position in Concrete Pumping by 97.5% during the third quarter. BNP Paribas Financial Markets now owns 4,429 shares of the company's stock valued at $31,000 after acquiring an additional 2,187 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Concrete Pumping in the first quarter worth $54,000. Strs Ohio acquired a new position in shares of Concrete Pumping during the first quarter worth $62,000. Verition Fund Management LLC acquired a new position in shares of Concrete Pumping during the fourth quarter worth $69,000. Finally, OakTrust Wealth Advisors LLC acquired a new position in shares of Concrete Pumping during the fourth quarter worth $71,000. Institutional investors own 34.20% of the company's stock.

Insider Transactions at Concrete Pumping

In other Concrete Pumping news, Director M. Brent Stevens sold 97,700 shares of the business's stock in a transaction dated 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 sale, the director owned 497,155 shares in the company, valued at approximately $5,384,188.65. The trade was a 16.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Iain Humphries sold 96,955 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $10.79, for a total value of $1,046,144.45. Following the completion of the transaction, the chief financial officer directly owned 377,812 shares in the company, valued at $4,076,591.48. This represents a 20.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 346,955 shares of company stock valued at $3,726,529. 28.20% of the stock is currently owned by insiders.

Concrete Pumping Trading Up 1.9%

NASDAQ BBCP opened at $9.05 on Friday. Concrete Pumping Holdings, Inc. has a 12-month low of $5.55 and a 12-month high of $12.19. The company has a fifty day simple moving average of $10.12 and a two-hundred day simple moving average of $8.67. The company has a current ratio of 1.73, a quick ratio of 1.61 and a debt-to-equity ratio of 1.59. The stock has a market cap of $456.03 million, a P/E ratio of 64.64 and a beta of 0.86.

Concrete Pumping (NASDAQ:BBCP - Get Free Report) last announced its quarterly earnings data on Thursday, September 3rd. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. Concrete Pumping had a net margin of 2.23% and a return on equity of 3.47%. The firm had revenue of $116.77 million for the quarter, compared to analyst estimates of $110.19 million. On average, analysts forecast that Concrete Pumping Holdings, Inc. will post 0.17 earnings per share for the current year.

Concrete Pumping Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 18th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, September 18th. This represents a $0.52 dividend on an annualized basis and a yield of 5.7%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Robert W. Baird raised their price objective on Concrete Pumping from $8.00 to $12.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 9th. Wall Street Zen lowered Concrete Pumping from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Weiss Ratings cut Concrete Pumping from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday. Zacks Research downgraded Concrete Pumping from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Texas Capital upgraded Concrete Pumping to a "strong-buy" rating in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Concrete Pumping has a consensus rating of "Moderate Buy" and a consensus target price of $10.25.

About Concrete Pumping

Concrete Pumping Holdings, Inc NASDAQ: BBCP is a specialized provider of concrete placing and pumping solutions for commercial, residential and infrastructure construction projects. Through its network of regional operating subsidiaries, the company offers boom pumps, line pumps and volumetric concrete mixers, enabling contractors to efficiently deliver and place concrete on jobsites of varying scale and complexity. Concrete Pumping’s services are designed to streamline the concrete placement process, reduce project timelines and improve overall jobsite safety.

Since its formation through a series of strategic acquisitions beginning in 2020, Concrete Pumping Holdings has focused on consolidating regional operators under a unified platform.

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