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ACK Asset Management’s Favorite Industrial Stocks

ACK Asset Management increased its stake in US Concrete Inc (NASDAQ:USCR) by 9% to over 750,000 shares during the April-June period. As of June 30, this stake was valued at $28.68 million and represented ACK’s second-largest stake in any public company. Shares of the ready-mixed concrete supplier have had a terrific rise in 2015, up by 94.24% year-to-date. On August 6 the company reported its second quarter earnings, which beat analysts’ estimates for both the top and bottom lines. While analysts were expecting the company to report EPS of $0.74 on revenue of $226.65 million, the company declared EPS of $1.31 on revenue of $244.70 million. Analysts at Stifel Nicolaus initiated coverage on US Concrete Inc (NASDAQ:USCR)’s stock on May 13 with a ‘Buy’ rating and a $45 price target, which the company has now surpassed by over 20%. Among the firms that we cover, Chuck Royce‘s Royce & Associates also increased its stake in US Concrete Inc (NASDAQ:USCR) during the quarter, by 3,600 shares to 441,766 shares.

Apart from US Concrete Inc (NASDAQ:USCR), ACK Asset Management also increased its stake in its third-largest industrial holding, Clean Harbors Inc (NYSE:CLH) during the second quarter. The fund bought an additional 105,000 shares of the company and held 530,000 shares worth $28.48 million as of June 30. On August 5 the industrial waste management company reported its second quarter earnings. The EPS of $0.72 US Concrete Inc (NASDAQ:USCR) reported for the quarter came above analysts’ expectations of $0.51, as well as the $0.47 it reported for the same quarter last year. Revenue for the quarter was up by 9.1% year-over-year to $936.20 million and was also above the Street’s estimate of $816.89 million. Following US Concrete Inc (NASDAQ:USCR)’s second quarter results declaration, on August 6 analysts at Imperial Capital reiterated their ‘Outperform’ rating on the stock. However, they reduced their price target to $62.50 from $65, which nonetheless still represents a potential 19.8% upside to where the stock is currently trading at. 12th Street Asset Management also has a stake in US Concrete Inc (NASDAQ:USCR), of 387,564 shares, having increased it by 3% during the second quarter.

Disclosure: None

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