Suncrete (NASDAQ:RMIX) Shares Down 21.1% - Time to Sell?

Key Points

• Suncrete shares fell 21.1% to about $9.24, down from the prior close of $11.71; trading volume was 33% below average.
• Analyst views are mixed: the consensus rating is “Buy” with a $22.25 price target, though Wall Street Zen upgraded its stance to “Strong Sell” and Weiss maintained a “Sell” rating.
• Suncrete posted a quarterly loss of $0.72 per share, missing the $0.02 loss estimate, and revenue of $97.23 million fell short of forecasts despite growing 146.2% year over year.

Shares of Suncrete (NASDAQ:RMIX - Get Free Report) were down 21.1% during trading on Thursday. The company traded as low as $9.58 and last traded at $9.2410. Approximately 276,837 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 412,661 shares. The stock had previously closed at $11.71.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RMIX. 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 cut shares of Suncrete from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, October 23rd. B. Riley Financial reiterated a "buy" rating and issued a $25.00 target price (down from $26.00) on shares of Suncrete in a research note on Wednesday, August 19th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $22.00 price target on shares of Suncrete in a report on Tuesday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $22.25.

Suncrete Price Performance

The company has a market capitalization of $675.74 million, a P/E ratio of -66.74 and a beta of 0.93. The company's 50-day moving average price is $12.54 and its two-hundred day moving average price is $16.08. 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 earnings results 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 analyst estimates of $104.93 million. The firm's quarterly revenue was up 146.2% on a year-over-year basis. As a group, sell-side analysts expect that Suncrete will post -0.01 EPS for the current year.

Institutional Investors Weigh In On Suncrete

A number of institutional investors have recently made changes to their positions in RMIX. Alyeska Investment Group L.P. bought a new stake in Suncrete in the 2nd quarter valued at $78,044,000. Bank of New York Mellon Corp bought a new position in Suncrete during the 2nd quarter worth $27,360,000. Harraden Circle Investments LLC bought a new position in Suncrete during the 2nd quarter worth $17,647,000. State Street Corp bought a new position in Suncrete during the 2nd quarter worth $4,358,000. Finally, CenterBook Partners LP lifted its holdings in shares of Suncrete by 170.0% during the third quarter. CenterBook Partners LP now owns 236,405 shares of the company's stock worth $3,043,000 after buying an additional 148,853 shares in the last quarter. Institutional investors own 71.07% of the company's stock.

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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