Concrete Pumping (NASDAQ:BBCP) Price Target Cut to $8.00 by Analysts at DA Davidson

Concrete Pumping (NASDAQ:BBCP) had its price target lowered by DA Davidson from $9.00 to $8.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Robert W. Baird reduced their price objective 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.

Concrete Pumping Stock Down 3.1%

NASDAQ:BBCP opened at $5.88 on Monday. Concrete Pumping has a one year low of $4.78 and a one year high of $9.68. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.99 and a quick ratio of 1.89. The company has a market cap of $311.94 million, a PE ratio of 22.62 and a beta of 1.13. The firm’s 50 day simple moving average is $6.42 and its 200 day simple moving average is $6.75.

Concrete Pumping (NASDAQ:BBCP) last announced its earnings results on Thursday, June 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.04). The company had revenue of $93.96 million for the quarter, compared to the consensus estimate of $99.02 million. Concrete Pumping had a return on equity of 6.19% and a net margin of 3.81%. On average, research analysts anticipate that Concrete Pumping will post 0.43 earnings per share for the current year.

Concrete Pumping declared that its board has authorized a stock repurchase program on Thursday, June 5th that permits the company to buyback $15.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 4.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Concrete Pumping news, CEO Bruce F. Young purchased 49,507 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $5.19 per share, with a total value of $256,941.33. Following the completion of the transaction, the chief executive officer now owns 1,722,622 shares of the company’s stock, valued at $8,940,408.18. The trade was a 2.96% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 26.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBCP. Ameriprise Financial Inc. increased its stake in shares of Concrete Pumping by 53.9% in the fourth quarter. Ameriprise Financial Inc. now owns 96,500 shares of the company’s stock worth $643,000 after purchasing an additional 33,800 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Concrete Pumping by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,698,941 shares of the company’s stock valued at $11,315,000 after acquiring an additional 56,048 shares in the last quarter. SG Americas Securities LLC purchased a new position in Concrete Pumping during the fourth quarter valued at approximately $81,000. Wells Fargo & Company MN lifted its stake in Concrete Pumping by 27.8% in 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 in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Concrete Pumping during the 4th quarter valued at $55,000. 34.20% of the stock is currently owned by hedge funds and other institutional investors.

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.