U.S. Concrete Inc. (USCR) Shares Down 2.3%
U.S. Concrete Inc. (NASDAQ:USCR) shares dropped 2.3% during trading on Friday . The company traded as low as $54.89 and last traded at $54.92, with a volume of 163,743 shares traded. The stock had previously closed at $56.19.
USCR has been the topic of a number of research reports. Zacks Investment Research cut U.S. Concrete from a “hold” rating to a “sell” rating in a research note on Thursday, May 12th. DA Davidson initiated coverage on U.S. Concrete in a research note on Wednesday, June 8th. They set a “buy” rating and a $80.00 price target on the stock. Sidoti upgraded U.S. Concrete from a “neutral” rating to a “buy” rating and upped their price target for the stock from $72.00 to $90.00 in a research note on Friday, June 10th. Finally, SunTrust Banks Inc. started coverage on U.S. Concrete in a research report on Monday, August 8th. They set a “buy” rating and a $75.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $77.83.
The company’s 50-day moving average is $60.38 and its 200-day moving average is $60.08. The firm’s market cap is $817.32 million.
U.S. Concrete (NASDAQ:USCR) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.95 by $0.41. The firm had revenue of $275.80 million for the quarter, compared to analyst estimates of $297.94 million. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, equities research analysts expect that U.S. Concrete Inc. will post $3.18 EPS for the current fiscal year.
In other news, CEO William J. Sandbrook sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 22nd. The shares were sold at an average price of $58.63, for a total transaction of $381,095.00. Following the sale, the chief executive officer now owns 520,416 shares in the company, valued at $30,511,990.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Theodore P. Rossi sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $64.25, for a total transaction of $257,000.00. Following the sale, the director now owns 26,662 shares in the company, valued at approximately $1,713,033.50. The disclosure for this sale can be found here.
Several large investors have recently added to or reduced their stakes in the stock. California Public Employees Retirement System raised its stake in U.S. Concrete by 11.4% in the fourth quarter. California Public Employees Retirement System now owns 57,800 shares of the company’s stock worth $3,044,000 after buying an additional 5,900 shares in the last quarter. Principal Financial Group Inc. raised its position in U.S. Concrete by 48.9% in the fourth quarter. Principal Financial Group Inc. now owns 278,687 shares of the company’s stock valued at $14,676,000 after buying an additional 91,475 shares in the last quarter. Finally, US Bancorp DE raised its position in U.S. Concrete by 13.3% in the fourth quarter. US Bancorp DE now owns 24,630 shares of the company’s stock valued at $1,297,000 after buying an additional 2,883 shares in the last quarter.
U.S. Concrete, Inc is a producer of ready-mixed concrete in a range of geographic markets in the United States. The Company conducts its operations through two segments. The ready-mixed concrete segment engages principally in the formulation, production and delivery of ready-mixed concrete to its customers’ job sites.
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