DA Davidson Reaffirms “Buy” Rating for Summit Materials Inc. (SUM)
Summit Materials Inc. (NYSE:SUM)‘s stock had its “buy” rating restated by analysts at DA Davidson in a note issued to investors on Sunday. They presently have a $27.00 price objective on the stock. DA Davidson’s price target would indicate a potential upside of 43.85% from the company’s current price.
Several other research analysts have also recently commented on the company. Bank of America Corp. reissued a “buy” rating on shares of Summit Materials in a research note on Friday, June 17th. Zacks Investment Research cut Summit Materials from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Citigroup Inc. upped their price objective on Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Summit Materials has a consensus rating of “Buy” and a consensus price target of $24.00.
Shares of Summit Materials (NYSE:SUM) opened at 18.77 on Friday. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 56.37 and a beta of 2.07. Summit Materials has a 12-month low of $13.12 and a 12-month high of $24.97. The company’s 50-day moving average price is $19.11 and its 200 day moving average price is $20.39.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/09/da-davidson-reaffirms-buy-rating-for-summit-materials-inc-sum.html
Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, August 3rd. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.01. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The company had revenue of $412.60 million for the quarter, compared to analyst estimates of $417.14 million. During the same period in the previous year, the firm earned ($0.01) earnings per share. The company’s revenue for the quarter was up 22.0% compared to the same quarter last year. On average, equities research analysts forecast that Summit Materials will post $0.10 EPS for the current fiscal year.
In other news, insider Anne Lee Benedict sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $20.67, for a total value of $103,350.00. Following the completion of the sale, the insider now directly owns 7,030 shares of the company’s stock, valued at approximately $145,310.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas W. Hill sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $17.87, for a total value of $178,700.00. Following the completion of the sale, the insider now directly owns 10,150 shares of the company’s stock, valued at $181,380.50. The disclosure for this sale can be found here. 4.49% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. BlackRock Japan Co. Ltd increased its stake in Summit Materials by 34.2% in the second quarter. BlackRock Japan Co. Ltd now owns 5,179 shares of the company’s stock valued at $106,000 after buying an additional 1,321 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Summit Materials by 154.8% in the third quarter. BNP Paribas Arbitrage SA now owns 6,299 shares of the company’s stock valued at $117,000 after buying an additional 3,827 shares in the last quarter. Pacad Investment Ltd. bought a new stake in Summit Materials during the second quarter valued at approximately $133,000. Teacher Retirement System of Texas increased its stake in Summit Materials by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 8,410 shares of the company’s stock valued at $172,000 after buying an additional 2,310 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Summit Materials by 29.4% in the second quarter. Sei Investments Co. now owns 10,565 shares of the company’s stock valued at $216,000 after buying an additional 2,399 shares in the last quarter. 87.79% of the stock is owned by institutional investors and hedge funds.
Summit Materials Company Profile
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.
Receive News & Ratings for Summit Materials Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials Inc. and related companies with MarketBeat.com's FREE daily email newsletter.