Summit Materials Inc. (SUM) Shares Down 1.3%
Summit Materials Inc. (NYSE:SUM) traded down 1.3% on Thursday . The stock traded as low as $19.55 and last traded at $19.99, with a volume of 955,487 shares changing hands. The stock had previously closed at $20.26.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Summit Materials from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Citigroup Inc. increased their price target on Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Finally, Bank of America Corp. restated a “buy” rating on shares of Summit Materials in a research report on Friday, June 17th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $25.00.
The company’s 50-day moving average price is $21.02 and its 200 day moving average price is $20.15. The stock has a market cap of $1.50 billion and a PE ratio of 59.82.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by $0.01. During the same period in the previous year, the company posted ($0.01) EPS. The firm earned $412.60 million during the quarter, compared to the consensus estimate of $417.14 million. The firm’s revenue for the quarter was up 22.0% on a year-over-year basis. Equities research analysts predict that Summit Materials Inc. will post $1.21 earnings per share for the current fiscal year.
In other news, insider Anne Lee Benedict sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $20.67, for a total transaction of $103,350.00. Following the completion of the sale, the insider now owns 7,030 shares in the company, valued at $145,310.10. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas W. Hill sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $20.39, for a total value of $203,900.00. Following the sale, the chief executive officer now owns 10,150 shares of the company’s stock, valued at approximately $206,958.50. 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 shares of Summit Materials Inc. (NYSE:SUM) by 351.7% during the fourth quarter, according to its most recent Form 13F filing 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 about 0.22% of Summit Materials worth $2,218,000 at the end of the most recent reporting period.
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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