Royce & Associates LP Sells 38,480 Shares of Concrete Pumping Holdings, Inc. (NASDAQ:BBCP)

Key Points

• Royce & Associates LP reduced its holdings in Concrete Pumping Holdings, Inc. by 2.7%, now owning 1,410,097 shares valued at approximately $7.70 million.
• Analysts have set varied price targets for the stock, with Robert W. Baird lowering their target from $6.50 to $6.00 and DA Davidson suggesting a target price of $8.00.
• Concrete Pumping announced a $15 million buyback program approved by its Board of Directors, indicating confidence in the company's value amidst recent performance drops.

Royce & Associates LP lessened its position in Concrete Pumping Holdings, Inc. (NASDAQ:BBCP - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,410,097 shares of the company's stock after selling 38,480 shares during the quarter. Royce & Associates LP owned approximately 2.66% of Concrete Pumping worth $7,699,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of BBCP. Cubist Systematic Strategies LLC acquired a new position in shares of Concrete Pumping during the 4th quarter worth $55,000. O Shaughnessy Asset Management LLC acquired a new position in shares of Concrete Pumping during the 4th quarter worth $75,000. MetLife Investment Management LLC increased its stake in shares of Concrete Pumping by 54.0% during the 4th quarter. MetLife Investment Management LLC now owns 11,202 shares of the company's stock worth $75,000 after purchasing an additional 3,928 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Concrete Pumping by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 13,968 shares of the company's stock worth $93,000 after purchasing an additional 3,042 shares during the last quarter. Finally, Auxano Advisors LLC increased its stake in shares of Concrete Pumping by 48.6% during the 1st quarter. Auxano Advisors LLC now owns 22,761 shares of the company's stock worth $124,000 after purchasing an additional 7,449 shares during the last quarter. Institutional investors and hedge funds own 34.20% of the company's stock.

Concrete Pumping Stock Performance

NASDAQ:BBCP traded up $0.07 during midday trading on Wednesday, reaching $7.00. The stock had a trading volume of 6,103 shares, compared to its average volume of 158,870. Concrete Pumping Holdings, Inc. has a 1-year low of $4.78 and a 1-year high of $9.68. The firm's fifty day simple moving average is $6.63 and its 200-day simple moving average is $6.66. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.79 and a quick ratio of 1.68. The stock has a market capitalization of $364.16 million, a P/E ratio of 31.66 and a beta of 1.07.

Concrete Pumping (NASDAQ:BBCP - Get Free Report) last posted its earnings results on Thursday, June 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.04). The firm had revenue of $93.96 million during the quarter, compared to analyst estimates of $99.02 million. Concrete Pumping had a net margin of 3.57% and a return on equity of 5.33%. On average, equities research analysts forecast that Concrete Pumping Holdings, Inc. will post 0.43 EPS for the current fiscal year.

Concrete Pumping announced that its board has initiated a stock repurchase program on Thursday, June 5th that authorizes the company to repurchase $15.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. DA Davidson set a $8.00 price target on shares of Concrete Pumping and gave the stock a "buy" rating in a research note on Monday, June 9th. Robert W. Baird lowered their target price on shares of Concrete Pumping from $6.50 to $6.00 and set a "neutral" rating on the stock in a research note on Friday, June 6th.

About Concrete Pumping

Concrete Pumping Holdings, Inc provides concrete pumping and waste management services in the United States and the United Kingdom. The company offers concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure, and residential sectors under the Brundage-Bone and Capital Pumping brands; and industrial cleanup and containment services primarily to customers in the construction industry under the Eco-Pan brand.