U.S. Concrete Inc. (NASDAQ:USCR) CEO William J. Sandbrook sold 6,500 shares of U.S. Concrete stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $59.64, for a total value of $387,660.00. Following the transaction, the chief executive officer now directly owns 484,980 shares in the company, valued at $28,924,207.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of U.S. Concrete Inc. (NASDAQ:USCR) traded down 4.68% during mid-day trading on Monday, reaching $58.00. The company had a trading volume of 626,226 shares. U.S. Concrete Inc. has a 52 week low of $40.42 and a 52 week high of $69.66. The stock has a 50 day moving average of $51.81 and a 200-day moving average of $56.34. The company has a market capitalization of $882.88 million, a price-to-earnings ratio of 47.35 and a beta of 1.40.
U.S. Concrete (NASDAQ:USCR) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.31 by $0.12. The firm earned $328.60 million during the quarter, compared to analyst estimates of $338.65 million. U.S. Concrete had a net margin of 4.41% and a return on equity of 27.73%. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.97 earnings per share. On average, analysts expect that U.S. Concrete Inc. will post $2.79 earnings per share for the current fiscal year.
A number of research analysts have recently weighed in on the company. Zacks Investment Research cut U.S. Concrete from a “hold” rating to a “sell” rating in a research report on Wednesday, October 12th. SunTrust Banks Inc. assumed coverage on U.S. Concrete in a research report on Monday, August 8th. They set a “buy” rating and a $75.00 price objective on the stock. Finally, DA Davidson set a $80.00 price objective on U.S. Concrete and gave the company a “buy” rating in a research report on Thursday, October 6th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $77.83.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Scopus Asset Management L.P. purchased a new position in shares of U.S. Concrete during the third quarter worth $34,492,000. Bowen Hanes & Co. Inc. purchased a new position in shares of U.S. Concrete during the second quarter worth $15,532,000. GM Advisory Group Inc. purchased a new position in shares of U.S. Concrete during the second quarter worth $13,421,000. Kornitzer Capital Management Inc. KS purchased a new position in shares of U.S. Concrete during the second quarter worth $10,457,000. Finally, Eaton Vance Management purchased a new position in shares of U.S. Concrete during the second quarter worth $8,918,000. 98.09% of the stock is currently owned by institutional investors and hedge funds.
About U.S. Concrete