Summit Materials Inc. (SUM) Shares Down 3.3%
Shares of Summit Materials Inc. (NYSE:SUM) fell 3.3% during trading on Wednesday . The stock traded as low as $19.41 and last traded at $19.60, with a volume of 664,191 shares. The stock had previously closed at $20.26.
Several brokerages recently commented on SUM. Zacks Investment Research raised Summit Materials from a “hold” rating to a “strong-buy” rating and set a $26.00 price objective on the stock in a research note on Wednesday, May 25th. Citigroup Inc. raised their price objective on Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, August 4th. DA Davidson reissued a “buy” rating and issued a $27.00 price target on shares of Summit Materials in a research note on Wednesday. Finally, Bank of America Corp. reissued a “buy” rating on shares of Summit Materials in a research note on Friday, June 17th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $25.13.
The stock’s 50 day moving average price is $20.91 and its 200-day moving average price is $20.29. The company has a market cap of $1.49 billion and a price-to-earnings ratio of 59.28.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, August 3rd. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by $0.01. During the same quarter in the previous year, the firm posted ($0.01) EPS. The company had revenue of $412.60 million for the quarter, compared to the consensus estimate of $417.14 million. The firm’s revenue for the quarter was up 22.0% compared to the same quarter last year. On average, analysts expect that Summit Materials Inc. will post $1.21 EPS for the current year.
In other Summit Materials news, insider Douglas Charles Rauh sold 50,000 shares of the business’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $19.32, for a total value of $966,000.00. Following the transaction, the insider now owns 53,552 shares in the company, valued at $1,034,624.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas W. Hill sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $21.45, for a total transaction of $214,500.00. Following the completion of the transaction, the chief executive officer now owns 10,150 shares in the company, valued at approximately $217,717.50. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Summit Materials stock. New York State Common Retirement Fund boosted its position in shares of Summit Materials Inc. (NYSE:SUM) by 351.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 110,677 shares of the company’s stock after buying an additional 86,177 shares during the period. New York State Common Retirement Fund owned about 0.22% of Summit Materials worth $2,218,000 as of its most recent SEC filing.
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.