Zacks Investment Research upgraded shares of Summit Materials Inc (NYSE:SUM) from a strong sell rating to a hold rating in a research note released on Saturday.

According to Zacks, “Summit Materials, Inc. is a construction material company. The company supplies aggregates, cement, ready-mix concrete and asphalt primarily in the United States and western Canada. Summit Materials, Inc. is headquartered in Denver, Colorado. “

Several other research analysts also recently commented on the stock. BidaskClub downgraded shares of Summit Materials from a sell rating to a strong sell rating in a report on Friday. TheStreet raised shares of Summit Materials from a c+ rating to a b rating in a report on Wednesday. Royal Bank Of Canada raised their price objective on shares of Summit Materials from $33.00 to $35.00 and gave the stock an outperform rating in a report on Thursday. Stifel Nicolaus reaffirmed a buy rating and issued a $35.00 price objective on shares of Summit Materials in a report on Thursday. Finally, Longbow Research began coverage on shares of Summit Materials in a report on Thursday, June 8th. They issued a buy rating and a $34.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given 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 target price of $30.43.

Shares of Summit Materials (NYSE:SUM) traded up 0.45% during midday trading on Friday, hitting $29.34. The company had a trading volume of 1,374,561 shares. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of 49.98 and a beta of 2.06. The company’s 50-day moving average price is $28.53 and its 200 day moving average price is $26.12. Summit Materials has a 12-month low of $17.27 and a 12-month high of $29.67.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.09. The business had revenue of $478.37 million during the quarter, compared to the consensus estimate of $469.91 million. Summit Materials had a return on equity of 18.79% and a net margin of 9.94%. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period last year, the business posted $0.46 earnings per share. Equities research analysts predict that Summit Materials will post $1.27 earnings per share for the current fiscal year.

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In other Summit Materials news, insider Douglas Charles Rauh sold 19,000 shares of the firm’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $26.81, for a total value of $509,390.00. Following the completion of the transaction, the insider now directly owns 26,313 shares of the company’s stock, valued at approximately $705,451.53. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $26.92, for a total transaction of $336,500.00. Following the completion of the transaction, the insider now directly owns 20,610 shares of the company’s stock, valued at $554,821.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 127,800 shares of company stock valued at $3,558,302. Insiders own 1.97% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in SUM. Teacher Retirement System of Texas increased its stake in Summit Materials by 0.8% in the second quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock worth $247,000 after buying an additional 64 shares in the last quarter. Princeton Capital Management Inc. increased its stake in Summit Materials by 2.4% in the second quarter. Princeton Capital Management Inc. now owns 34,915 shares of the construction company’s stock worth $1,008,000 after buying an additional 815 shares in the last quarter. SG Americas Securities LLC increased its stake in Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after buying an additional 1,589 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock worth $111,000 after buying an additional 1,819 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in Summit Materials by 1.0% in the first quarter. Wells Fargo & Company MN now owns 210,572 shares of the construction company’s stock worth $5,204,000 after buying an additional 2,098 shares in the last quarter.

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.

Analyst Recommendations for Summit Materials (NYSE:SUM)

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