Great West Life Assurance Co. Can continued to hold its stake in shares of U.S. Concrete Inc. (NASDAQ:USCR) during the second quarter, Holdings Channel reports. The firm owned 1,900 shares of the company’s stock at the end of the second quarter. Great West Life Assurance Co. Can’s holdings in U.S. Concrete were worth $113,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. BlackRock Fund Advisors boosted its stake in shares of U.S. Concrete by 127.5% in the first quarter. BlackRock Fund Advisors now owns 897,377 shares of the company’s stock valued at $53,466,000 after buying an additional 502,993 shares during the period. Kornitzer Capital Management Inc. KS bought a new stake in shares of U.S. Concrete during the second quarter valued at about $10,457,000. Emerald Acquisition Ltd. bought a new stake in shares of U.S. Concrete during the second quarter valued at about $7,308,000. Loomis Sayles & Co. L P bought a new stake in shares of U.S. Concrete during the first quarter valued at about $5,422,000. Finally, Insight Capital Research & Management Inc. bought a new stake in shares of U.S. Concrete during the second quarter valued at about $3,180,000. 98.09% of the stock is currently owned by institutional investors and hedge funds.
U.S. Concrete Inc. (NASDAQ:USCR) traded up 0.28% during mid-day trading on Wednesday, hitting $47.15. The stock had a trading volume of 323,886 shares. The firm has a 50-day moving average of $52.34 and a 200-day moving average of $59.78. U.S. Concrete Inc. has a 52-week low of $40.42 and a 52-week high of $69.66. The stock’s market cap is $703.48 million.
U.S. Concrete (NASDAQ:USCR) last announced its earnings results on Thursday, August 4th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by $0.41. The firm earned $275.80 million during the quarter, compared to analysts’ expectations of $297.94 million. U.S. Concrete had a net margin of 1.18% and a return on equity of 40.33%. U.S. Concrete’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, analysts forecast that U.S. Concrete Inc. will post $3.15 EPS for the current fiscal year.
USCR has been the topic of several recent research reports. SunTrust Banks Inc. initiated coverage on U.S. Concrete in a research report on Monday, August 8th. They set a “buy” rating and a $75.00 target price on the stock. Zacks Investment Research cut U.S. Concrete from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Sidoti raised U.S. Concrete from a “neutral” rating to a “buy” rating and increased their target price for the company from $72.00 to $90.00 in a research report on Friday, June 10th. Finally, DA Davidson began coverage on U.S. Concrete in a research report on Wednesday, June 8th. They set a “buy” rating and a $80.00 target price on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. U.S. Concrete has an average rating of “Buy” and a consensus target price of $77.83.
In other U.S. Concrete news, VP Jeff L. Davis sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 20th. The stock was 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William J. Sandbrook sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $46.99, for a total value 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 owned by company insiders.
About U.S. Concrete
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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