DA Davidson Reaffirms Buy Rating for Summit Materials Inc. (SUM)
A number of other research analysts have also issued reports on SUM. Zacks Investment Research lowered shares of Summit Materials from a buy rating to a hold rating in a report on Wednesday, July 6th. Citigroup Inc. raised their price objective on shares of Summit Materials from $25.00 to $26.00 and gave the company a buy rating in a report on Thursday, August 4th. Finally, Bank of America Corp. reiterated a buy rating on shares of Summit Materials in a report on Friday, June 17th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $24.00.
Summit Materials (NYSE:SUM) opened at 18.77 on Friday. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 56.37 and a beta of 2.07. Summit Materials has a 52 week low of $13.12 and a 52 week high of $24.97. The firm has a 50-day moving average of $19.11 and a 200-day moving average of $20.39.
Summit Materials (NYSE:SUM) last posted 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. The company earned $412.60 million during the quarter, compared to the consensus estimate of $417.14 million. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The firm’s revenue was up 22.0% compared to the same quarter last year. During the same period last year, the company posted ($0.01) EPS. Equities analysts forecast that Summit Materials will post $0.10 earnings per share for the current year.
In other Summit Materials news, insider Thomas W. Hill sold 10,000 shares of Summit Materials stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $17.87, for a total transaction of $178,700.00. Following the completion of the transaction, the insider now owns 10,150 shares of the company’s stock, valued at approximately $181,380.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anne Lee Benedict sold 5,000 shares of Summit Materials stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total value of $103,350.00. Following the transaction, the insider now directly owns 7,030 shares of the company’s stock, valued at approximately $145,310.10. The disclosure for this sale can be found here. 4.49% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of SUM. BlackRock Japan Co. Ltd raised its position in Summit Materials by 34.2% in the second quarter. BlackRock Japan Co. Ltd now owns 5,179 shares of the company’s stock worth $106,000 after buying an additional 1,321 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Summit Materials by 154.8% in the third quarter. BNP Paribas Arbitrage SA now owns 6,299 shares of the company’s stock worth $117,000 after buying an additional 3,827 shares during the last quarter. Pacad Investment Ltd. bought a new position in Summit Materials during the second quarter worth $133,000. Teacher Retirement System of Texas raised its position in Summit Materials by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 8,410 shares of the company’s stock worth $172,000 after buying an additional 2,310 shares during the last quarter. Finally, Sei Investments Co. raised its position in Summit Materials by 29.4% in the second quarter. Sei Investments Co. now owns 10,565 shares of the company’s stock worth $216,000 after buying an additional 2,399 shares during the last quarter. 87.79% of the stock is owned by institutional investors and hedge funds.
Summit Materials Company Profile
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.
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