U.S. Concrete Inc. (USCR) Rating Lowered to Sell at Zacks Investment Research
U.S. Concrete Inc. (NASDAQ:USCR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
According to Zacks, “U.S. Concrete Inc. operates as a provider of ready-mixed concrete and concrete-related products and services to the construction industry in the United States. The Company operates in two segments: ready-mixed concrete and concrete-related products; and precast concrete. The Company’s ready-mixed concrete and concrete-related products segment produces and sells ready-mixed concrete, aggregates (crushed stone, sand and gravel), concrete masonry and building materials. Its precast concrete products segment produces and sells precast concrete products. Markets served by the Company include west Texas, northern California, New Jersey, New York, Washington, D.C., Oklahoma and the mid-Atlantic region. U.S. Concrete Inc. is based in Houston, Texas, USA. “
A number of other brokerages have also commented on USCR. SunTrust Banks Inc. assumed coverage on shares of U.S. Concrete in a research report on Monday, August 8th. They set a “buy” rating and a $75.00 price objective for the company. DA Davidson set a $80.00 price objective on shares of U.S. Concrete and gave the company a “buy” rating in a research report on Thursday, October 6th. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $77.83.
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Shares of U.S. Concrete (NASDAQ:USCR) opened at 48.03 on Wednesday. The firm’s market capitalization is $716.61 million. U.S. Concrete has a 52 week low of $40.42 and a 52 week high of $69.66. The stock’s 50 day moving average price is $49.56 and its 200 day moving average price is $58.90.
U.S. Concrete (NASDAQ:USCR) last released its earnings results on Thursday, August 4th. The company reported $0.54 earnings per share 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. U.S. Concrete had a return on equity of 40.33% and a net margin of 1.18%. U.S. Concrete’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, analysts predict that U.S. Concrete will post $2.99 EPS for the current fiscal year.
In related news, VP Jeff L. Davis sold 6,000 shares of the company’s stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $65.04, for a total value of $390,240.00. Following the sale, the vice president now owns 29,130 shares of the company’s stock, valued at $1,894,615.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William J. Sandbrook sold 6,500 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $46.99, for a total transaction of $305,435.00. Following the completion of the sale, the chief executive officer now directly owns 495,061 shares in the company, valued at approximately $23,262,916.39. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Springbok Capital Management LLC boosted its stake in U.S. Concrete by 9.8% in the first quarter. Springbok Capital Management LLC now owns 35,795 shares of the company’s stock worth $2,133,000 after buying an additional 3,180 shares during the last quarter. Invictus RG purchased a new stake in shares of U.S. Concrete during the first quarter valued at $134,000. Loomis Sayles & Co. L P purchased a new stake in shares of U.S. Concrete during the first quarter valued at $5,422,000. UBS Group AG boosted its stake in shares of U.S. Concrete by 303.1% in the first quarter. UBS Group AG now owns 30,687 shares of the company’s stock valued at $1,828,000 after buying an additional 23,075 shares in the last quarter. Finally, Picton Mahoney Asset Management boosted its stake in shares of U.S. Concrete by 631.3% in the first quarter. Picton Mahoney Asset Management now owns 11,700 shares of the company’s stock valued at $697,000 after buying an additional 10,100 shares in the last quarter. 98.09% of the stock is currently owned by institutional investors and hedge funds.
U.S. Concrete Company Profile
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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