U S Concrete, Inc. (USCR) Upgraded to Buy by Zacks Investment Research
U S Concrete, Inc. (NASDAQ:USCR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $86.00 price target on the construction company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.49% from the company’s current price.
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. “
Several other equities research analysts have also commented on the stock. Citigroup Inc. boosted their price objective on shares of U S Concrete to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. BidaskClub downgraded shares of U S Concrete from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Finally, TheStreet upgraded shares of U S Concrete from a “c+” rating to a “b” rating in a research note on Thursday, May 4th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. U S Concrete currently has a consensus rating of “Buy” and a consensus price target of $83.50.
Shares of U S Concrete (NASDAQ USCR) traded down 0.5516% during trading on Tuesday, reaching $76.0283. 92,605 shares of the company traded hands. The firm’s 50 day moving average is $78.01 and its 200-day moving average is $69.26. The stock has a market capitalization of $1.19 billion, a P/E ratio of 48.1802 and a beta of 1.22. U S Concrete has a 12-month low of $42.82 and a 12-month high of $80.45.
U S Concrete (NASDAQ:USCR) last posted its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.86 by $0.09. U S Concrete had a net margin of 2.09% and a return on equity of 25.80%. The business had revenue of $340.90 million for the quarter, compared to analyst estimates of $342.60 million. During the same quarter in the previous year, the firm posted $0.54 earnings per share. U S Concrete’s quarterly revenue was up 23.6% on a year-over-year basis. On average, equities research analysts anticipate that U S Concrete will post $3.95 earnings per share for the current fiscal year.
In related news, CEO William J. Sandbrook sold 6,500 shares of the stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $68.08, for a total transaction of $442,520.00. Following the transaction, the chief executive officer now owns 438,617 shares in the company, valued at $29,861,045.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey W. Roberts sold 2,394 shares of the stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $68.00, for a total transaction of $162,792.00. Following the transaction, the vice president now owns 34,422 shares in the company, valued at approximately $2,340,696. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,044 shares of company stock worth $1,701,933. 5.90% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of U S Concrete by 4.9% in the second quarter. BlackRock Inc. now owns 1,825,946 shares of the construction company’s stock worth $143,428,000 after buying an additional 85,391 shares during the period. Bank of New York Mellon Corp increased its position in shares of U S Concrete by 34.5% in the second quarter. Bank of New York Mellon Corp now owns 903,180 shares of the construction company’s stock worth $70,945,000 after buying an additional 231,798 shares during the period. Vanguard Group Inc. increased its position in shares of U S Concrete by 1.8% in the second quarter. Vanguard Group Inc. now owns 793,426 shares of the construction company’s stock worth $62,323,000 after buying an additional 13,675 shares during the period. Janus Henderson Group PLC bought a new position in shares of U S Concrete during the second quarter worth $44,346,000. Finally, Dimensional Fund Advisors LP increased its position in shares of U S Concrete by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 555,500 shares of the construction company’s stock worth $43,635,000 after buying an additional 3,457 shares during the period.
About U S Concrete
U.S. Concrete, Inc is a producer of ready-mixed concrete in select geographic markets in the United States. The Company conducts its operations through two business segments: ready-mixed concrete and aggregate products. 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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