Summit Materials, Inc. (NYSE:SUM) has received a consensus recommendation of “Buy” from the eleven research firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $30.33.
Several analysts have issued reports on SUM shares. BidaskClub raised shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Zacks Investment Research downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Longbow Research started coverage on shares of Summit Materials in a research report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price objective for the company. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Summit Materials in a research report on Monday, June 19th. Finally, TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd.
Shares of Summit Materials (NYSE:SUM) traded up 0.41% on Tuesday, hitting $29.42. 1,227,908 shares of the company were exchanged. The company has a 50-day moving average price of $29.76 and a 200 day moving average price of $26.78. Summit Materials has a 52-week low of $17.99 and a 52-week high of $30.45. The firm has a market cap of $3.16 billion, a P/E ratio of 65.38 and a beta of 2.05.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.09). Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. During the same period last year, the business earned $0.46 EPS. The firm’s revenue was up 15.9% compared to the same quarter last year. Analysts predict that Summit Materials will post $1.19 EPS for the current fiscal year.
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In other news, insider Thomas W. Hill sold 250,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $29.30, for a total transaction of $7,325,000.00. Following the completion of the sale, the insider now owns 70,610 shares of the company’s stock, valued at $2,068,873. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $29.22, for a total transaction of $365,250.00. Following the sale, the insider now directly owns 20,610 shares of the company’s stock, valued at approximately $602,224.20. The disclosure for this sale can be found here. Insiders have sold 604,379 shares of company stock valued at $17,784,965 in the last three months. Corporate insiders own 1.97% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Summit Materials by 67.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock worth $111,000 after purchasing an additional 1,819 shares during the last quarter. SG Americas Securities LLC lifted its stake in Summit Materials by 27.8% during the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after purchasing an additional 1,589 shares during the last quarter. Strs Ohio bought a new position in Summit Materials during the first quarter worth $192,000. Teacher Retirement System of Texas bought a new position in Summit Materials during the first quarter worth $209,000. Finally, ARP Americas LLC bought a new position in Summit Materials during the second quarter worth $211,000.
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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