Concrete Pumping (NASDAQ:BBCP) Announces Quarterly Earnings Results, Hits Expectations

Concrete Pumping (NASDAQ:BBCP – Get Rating) released its quarterly earnings data on Monday. The company reported $0.14 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.14, MarketWatch Earnings reports. The firm had revenue of $114.89 million during the quarter, compared to analysts’ expectations of $102.16 million. Concrete Pumping had a net margin of 7.42% and a return on equity of 8.91%. Concrete Pumping updated its FY 2023 guidance to EPS.

Concrete Pumping Trading Up 19.5 %

Shares of BBCP stock opened at $7.78 on Wednesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.98 and a quick ratio of 0.94. The firm has a market cap of $440.35 million, a PE ratio of 19.45 and a beta of 0.95. The company has a 50-day moving average of $6.50 and a two-hundred day moving average of $6.65. Concrete Pumping has a 1-year low of $4.64 and a 1-year high of $8.26.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BBCP. Millennium Management LLC purchased a new position in shares of Concrete Pumping in the second quarter valued at approximately $848,000. Dimensional Fund Advisors LP boosted its stake in shares of Concrete Pumping by 18.5% in the third quarter. Dimensional Fund Advisors LP now owns 542,322 shares of the company’s stock valued at $3,499,000 after purchasing an additional 84,723 shares during the period. Royal Bank of Canada boosted its stake in shares of Concrete Pumping by 13.8% in the third quarter. Royal Bank of Canada now owns 207,866 shares of the company’s stock valued at $1,341,000 after purchasing an additional 25,243 shares during the period. Two Sigma Investments LP purchased a new position in shares of Concrete Pumping in the third quarter valued at approximately $119,000. Finally, State Street Corp boosted its stake in shares of Concrete Pumping by 2.4% in the second quarter. State Street Corp now owns 472,020 shares of the company’s stock valued at $2,860,000 after purchasing an additional 11,084 shares during the period. Hedge funds and other institutional investors own 35.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BBCP. Robert W. Baird increased their target price on shares of Concrete Pumping from $7.00 to $7.50 and gave the stock an “outperform” rating in a research note on Tuesday. TheStreet lowered shares of Concrete Pumping from a “b-” rating to a “c+” rating in a research note on Tuesday, December 27th.

Concrete Pumping Company Profile

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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 Camfaud brands; and industrial cleanup and containment services primarily to customers in the construction industry under the Eco-Pan brand.