Suncrete $RMIX Stock: CenterBook Partners LP Grows Stake

Key Points

• CenterBook Partners increased its Suncrete stake by 170% in the third quarter, to 236,405 shares worth about $3.04 million; institutional investors collectively own 71.07% of the stock.
• Suncrete shares opened at $8.79, down 4.5%, and the company reported a quarterly loss of $0.72 per share, missing estimates, while revenue rose 146.2% year over year but fell short of expectations.
• Analysts’ consensus rating remains Buy, with an average price target of $22.25, though some firms have downgraded the stock or lowered targets.

CenterBook Partners LP boosted its holdings in shares of Suncrete (NASDAQ:RMIX - Free Report) by 170.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 236,405 shares of the company's stock after buying an additional 148,853 shares during the quarter. CenterBook Partners LP owned approximately 0.32% of Suncrete worth $3,043,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. NewEdge Advisors LLC purchased a new stake in Suncrete during the second quarter worth $29,000. State of Alaska Department of Revenue purchased a new position in Suncrete in the third quarter valued at about $29,000. Central Pacific Bank Trust Division purchased a new position in Suncrete in the third quarter valued at about $32,000. Susquehanna International Group LLP bought a new position in Suncrete in the second quarter worth about $285,000. Finally, State Street Corp bought a new position in Suncrete in the second quarter worth about $4,358,000. Institutional investors own 71.07% of the company's stock.

Suncrete Stock Down 4.5%

Shares of RMIX stock opened at $8.79 on Friday. The stock's fifty day moving average price is $12.19 and its 200 day moving average price is $15.98. Suncrete has a 1-year low of $8.32 and a 1-year high of $25.50. The company has a market cap of $645.98 million, a price-to-earnings ratio of -62.79 and a beta of 0.93. 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 quarterly earnings data on Friday, August 14th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.70). The company had revenue of $97.23 million for the quarter, compared to analysts' expectations of $104.93 million. The firm's revenue for the quarter was up 146.2% compared to the same quarter last year. On average, research analysts expect that Suncrete will post -0.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on RMIX shares. B. Riley Financial reissued a "buy" rating and set a $25.00 price target (down from $26.00) on shares of Suncrete in a research report on Wednesday, August 19th. Wall Street Zen downgraded shares of Suncrete from a "sell" rating to a "strong sell" rating in a research report on Saturday, October 3rd. Weiss Ratings downgraded shares of Suncrete from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, October 23rd. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $22.00 price objective on shares of Suncrete in a research note on Tuesday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $22.25.

Suncrete Company Profile

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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