Summit Materials, Inc. (NYSE:SUM) Rating Increased to B at TheStreet
Several other analysts have also recently weighed in on the company. Royal Bank Of Canada lifted their price target on Summit Materials from $33.00 to $35.00 and gave the stock an outperform rating in a report on Thursday. Stifel Nicolaus reissued a buy rating and set a $35.00 price target on shares of Summit Materials in a report on Thursday. BidaskClub cut Summit Materials from a hold rating to a sell rating in a report on Thursday, July 20th. Zacks Investment Research cut Summit Materials from a hold rating to a sell rating in a report on Friday, July 14th. Finally, Longbow Research assumed coverage on Summit Materials in a report on Thursday, June 8th. They set a buy rating and a $34.00 price target for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. Summit Materials has a consensus rating of Buy and a consensus target price of $30.43.
Shares of Summit Materials (NYSE SUM) opened at 29.34 on Wednesday. The company has a market capitalization of $3.15 billion, a PE ratio of 49.98 and a beta of 2.06. The stock’s 50 day moving average price is $28.53 and its 200-day moving average price is $26.12. Summit Materials has a 52-week low of $17.27 and a 52-week high of $29.67.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.09. The firm had revenue of $478.37 million for the quarter, compared to analyst estimates of $469.91 million. Summit Materials had a return on equity of 10.43% and a net margin of 2.46%. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.46 earnings per share. On average, analysts expect that Summit Materials will post $1.27 earnings per share for the current year.
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In other Summit Materials news, CEO Thomas W. Hill sold 6,300 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $28.74, for a total transaction of $181,062.00. Following the transaction, the chief executive officer now owns 20,610 shares in the company, valued at approximately $592,331.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $26.94, for a total value of $336,750.00. Following the transaction, the insider now owns 20,610 shares in the company, valued at approximately $555,233.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,800 shares of company stock worth $3,558,302. Corporate insiders own 1.97% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock valued at $111,000 after buying an additional 1,819 shares during the period. SG Americas Securities LLC boosted its position in shares of Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock valued at $180,000 after buying an additional 1,589 shares during the period. ARP Americas LLC purchased a new position in shares of Summit Materials during the second quarter valued at about $211,000. Strs Ohio purchased a new position in shares of Summit Materials during the first quarter valued at about $192,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Summit Materials during the first quarter valued at about $209,000.
Summit Materials Company Profile
Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.
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