U S Concrete, Inc. (NASDAQ:USCR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” 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. “
Several other brokerages have also issued reports on USCR. BidaskClub lowered U S Concrete from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. ValuEngine upgraded U S Concrete from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Citigroup Inc. boosted their price target on U S Concrete to $92.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Finally, Stifel Nicolaus restated a “buy” rating and set a $98.00 price target on shares of U S Concrete in a research note on Thursday, September 28th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $89.00.
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 analysts’ consensus estimates of $0.86 by $0.09. U S Concrete had a return on equity of 25.80% and a net margin of 2.09%. The business had revenue of $340.90 million for the quarter, compared to analyst estimates of $342.60 million. During the same period in the previous year, the company posted $0.54 earnings per share. The firm’s revenue for the quarter was up 23.6% on a year-over-year basis.
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In other news, CEO William J. Sandbrook sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $76.27, for a total value of $495,755.00. Following the sale, the chief executive officer now directly owns 425,345 shares in the company, valued at approximately $32,441,063.15. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP David Andrew Behring sold 361 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $81.56, for a total value of $29,443.16. Following the completion of the sale, the vice president now owns 10,804 shares in the company, valued at $881,174.24. The disclosure for this sale can be found here. Insiders have sold 14,561 shares of company stock worth $1,110,748 over the last 90 days. Corporate insiders own 5.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of U S Concrete by 4.9% in the 2nd quarter. BlackRock Inc. now owns 1,825,946 shares of the construction company’s stock valued at $143,428,000 after purchasing an additional 85,391 shares during the period. Bank of New York Mellon Corp grew its stake in shares of U S Concrete by 34.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 903,180 shares of the construction company’s stock valued at $70,945,000 after purchasing an additional 231,798 shares during the period. Vanguard Group Inc. grew its stake in shares of U S Concrete by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 793,426 shares of the construction company’s stock valued at $62,323,000 after purchasing an additional 13,675 shares during the period. Janus Henderson Group PLC bought a new stake in shares of U S Concrete in the 2nd quarter valued at approximately $44,346,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of U S Concrete by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 555,500 shares of the construction company’s stock valued at $43,635,000 after purchasing 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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