Concrete Pumping (NASDAQ:BBCP) Upgraded by Texas Capital to “Strong-Buy” Rating

Concrete Pumping (NASDAQ:BBCP) was upgraded by equities researchers at Texas Capital to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research firms have also weighed in on BBCP. Wall Street Zen raised Concrete Pumping from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Robert W. Baird raised their target price on Concrete Pumping from $8.00 to $12.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 9th. Zacks Research upgraded Concrete Pumping from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings raised shares of Concrete Pumping from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Concrete Pumping presently has an average rating of “Buy” and a consensus price target of $10.25.

Concrete Pumping Trading Up 3.4%

BBCP opened at $10.82 on Tuesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.73 and a quick ratio of 1.61. The company’s 50 day simple moving average is $9.90 and its two-hundred day simple moving average is $7.99. Concrete Pumping has a 1-year low of $5.55 and a 1-year high of $12.19. The firm has a market capitalization of $545.22 million, a price-to-earnings ratio of 77.29 and a beta of 0.84.

Concrete Pumping (NASDAQ:BBCP) last issued its earnings results on Thursday, June 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.02). The company had revenue of $106.80 million for the quarter, compared to analyst estimates of $96.71 million. Concrete Pumping had a return on equity of 3.47% and a net margin of 2.23%. Analysts expect that Concrete Pumping will post 0.17 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Brent M. Stevens sold 97,700 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $10.83, for a total value of $1,058,091.00. Following the completion of the transaction, the director directly owned 497,155 shares in the company, valued at approximately $5,384,188.65. This represents a 16.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Iain Humphries sold 96,955 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was 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 owned 377,812 shares of the company’s stock, valued at $4,076,591.48. The trade was a 20.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 346,955 shares of company stock valued at $3,726,529 in the last 90 days. Insiders own 28.20% of the company’s stock.

Hedge Funds Weigh In On Concrete Pumping

Several large investors have recently modified their holdings of BBCP. Dimensional Fund Advisors LP grew its holdings in shares of Concrete Pumping by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,082,792 shares of the company’s stock worth $14,869,000 after purchasing an additional 81,318 shares during the period. Royce & Associates LP raised its holdings in Concrete Pumping by 1.1% in the 4th quarter. Royce & Associates LP now owns 1,787,807 shares of the company’s stock valued at $11,996,000 after buying an additional 20,166 shares during the period. Diamond Hill Capital Management Inc. lifted its position in Concrete Pumping by 3.2% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 617,887 shares of the company’s stock valued at $4,146,000 after buying an additional 19,171 shares during the last quarter. Bridgeway Capital Management LLC lifted its position in Concrete Pumping by 0.9% in the second quarter. Bridgeway Capital Management LLC now owns 589,961 shares of the company’s stock valued at $3,628,000 after buying an additional 5,224 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in Concrete Pumping by 11.3% during the fourth quarter. First Eagle Investment Management LLC now owns 539,689 shares of the company’s stock worth $3,621,000 after buying an additional 54,784 shares during the period. Institutional investors and hedge funds own 34.20% of the company’s stock.

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.