Robert W. Baird Cuts Concrete Pumping (NASDAQ:BBCP) Price Target to $6.00

Concrete Pumping (NASDAQ:BBCP) had its price objective decreased by Robert W. Baird from $6.50 to $6.00 in a research note published on Friday,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

Separately, DA Davidson lowered their price objective on shares of Concrete Pumping from $9.50 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.31.

Concrete Pumping Stock Performance

Shares of BBCP opened at $6.07 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.99 and a quick ratio of 1.89. Concrete Pumping has a one year low of $4.78 and a one year high of $9.68. The company has a 50-day simple moving average of $6.41 and a two-hundred day simple moving average of $6.74. The firm has a market capitalization of $322.02 million, a PE ratio of 23.35 and a beta of 1.13.

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

Concrete Pumping declared that its board has initiated a stock buyback plan on Thursday, June 5th that allows the company to buyback $15.00 million in shares. This buyback authorization allows the company to purchase up to 4.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Concrete Pumping news, CEO Bruce F. Young bought 49,507 shares of the stock in a transaction dated Thursday, March 13th. The stock was purchased at an average cost of $5.19 per share, for a total transaction of $256,941.33. Following the completion of the acquisition, the chief executive officer now owns 1,722,622 shares of the company’s stock, valued at approximately $8,940,408.18. This trade represents a 2.96% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 26.60% of the company’s stock.

Hedge Funds Weigh In On Concrete Pumping

Several large investors have recently made changes to their positions in BBCP. Acadian Asset Management LLC purchased a new position in shares of Concrete Pumping during the first quarter valued at approximately $54,000. Cubist Systematic Strategies LLC purchased a new position in shares of Concrete Pumping during the fourth quarter valued at approximately $55,000. Strs Ohio purchased a new position in shares of Concrete Pumping during the first quarter valued at approximately $62,000. XTX Topco Ltd purchased a new position in shares of Concrete Pumping during the first quarter valued at approximately $69,000. Finally, EntryPoint Capital LLC purchased a new position in Concrete Pumping in the 1st quarter worth approximately $73,000. 34.20% of the stock is currently owned by hedge funds and other institutional investors.

Concrete Pumping Company Profile

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.