Summit Materials Inc. (SUM) Shares Down 1.3%
Shares of Summit Materials Inc. (NYSE:SUM) were down 1.3% on Thursday . The company traded as low as $19.55 and last traded at $19.99, with a volume of 955,487 shares trading hands. The stock had previously closed at $20.26.
A number of analysts have weighed in on SUM shares. Zacks Investment Research upgraded Summit Materials from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Tuesday, May 10th. Citigroup Inc. raised their price target on Summit Materials from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Finally, Bank of America Corp. restated a “buy” rating on shares of Summit Materials in a research note on Friday, June 17th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Summit Materials has an average rating of “Buy” and a consensus target price of $25.00.
The company has a market cap of $1.51 billion and a PE ratio of 60.00. The stock has a 50-day moving average price of $21.05 and a 200-day moving average price of $20.11.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by $0.01. During the same period in the previous year, the business posted ($0.01) earnings per share. The business had revenue of $412.60 million for the quarter, compared to analysts’ expectations of $417.14 million. Summit Materials’s revenue for the quarter was up 22.0% on a year-over-year basis. On average, equities research analysts expect that Summit Materials Inc. will post $1.21 EPS for the current year.
In other news, major shareholder Holdings L.P. Blackstone II sold 12,209,704 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total transaction of $252,374,581.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anne Lee Benedict sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $20.67, for a total transaction of $103,350.00. Following the transaction, the insider now directly owns 7,030 shares of the company’s stock, valued at $145,310.10. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Summit Materials stock. New York State Common Retirement Fund raised its position in Summit Materials Inc. (NYSE:SUM) by 351.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 0.22% of Summit Materials worth $2,218,000 at the end of the most recent quarter.
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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