Summit Materials Inc. (SUM) Stock Rating Lowered by Goldman Sachs Group Inc.
Summit Materials Inc. (NYSE:SUM) was downgraded by stock analysts at Goldman Sachs Group Inc. from a “buy” rating to a “neutral” rating in a report released on Tuesday. They presently have a $21.00 price objective on the stock, down from their previous price objective of $22.00. Goldman Sachs Group Inc.’s price objective would suggest a potential upside of 11.82% from the stock’s current price.
A number of other research analysts have also commented on the company. DA Davidson restated a “buy” rating and issued a $27.00 target price on shares of Summit Materials in a research note on Sunday. Zacks Investment Research lowered Summit Materials from a “buy” rating to a “hold” rating in a research note on Friday, October 7th. Citigroup Inc. increased 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. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Summit Materials in a research note on Friday, June 17th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $23.43.
Summit Materials (NYSE:SUM) opened at 18.78 on Tuesday. The stock’s 50 day moving average is $18.97 and its 200 day moving average is $20.38. The firm has a market cap of $1.42 billion, a P/E ratio of 56.40 and a beta of 2.07. Summit Materials has a one year low of $13.12 and a one year high of $24.60.
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. The firm earned $412.60 million during the quarter, compared to analyst estimates of $417.14 million. Summit Materials had a net margin of 2.02% and a return on equity of 11.60%. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.01) earnings per share. On average, equities research analysts expect that Summit Materials will post $0.10 earnings per share for the current year.
In other news, insider Thomas W. Hill sold 183,581 shares of the firm’s stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $20.74, for a total value of $3,807,469.94. Following the completion of the sale, the insider now directly owns 10,150 shares in the company, valued at $210,511. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Holdings L.P. Blackstone II sold 12,209,704 shares of the firm’s stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total value of $252,374,581.68. The disclosure for this sale can be found here. 4.49% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. BlackRock Japan Co. Ltd boosted 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 valued at $106,000 after buying an additional 1,321 shares in the last quarter. BNP Paribas Arbitrage SA boosted 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 valued at $117,000 after buying an additional 3,827 shares in the last quarter. Pacad Investment Ltd. purchased a new position in Summit Materials during the second quarter valued at about $133,000. Teacher Retirement System of Texas boosted 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 valued at $172,000 after buying an additional 2,310 shares in the last quarter. Finally, Sei Investments Co. boosted 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 valued at $216,000 after buying an additional 2,399 shares in the last quarter. Institutional investors own 87.79% of the company’s stock.
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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