Summit Materials Inc. (SUM) Given Buy Rating at DA Davidson
Summit Materials Inc. (NYSE:SUM)‘s stock had its “buy” rating reiterated by investment analysts at DA Davidson in a research note issued to investors on Sunday. They currently have a $27.00 target price on the stock. DA Davidson’s target price indicates a potential upside of 43.85% from the company’s current price.
A number of other equities research analysts have also issued reports on SUM. Zacks Investment Research lowered Summit Materials from a “buy” rating to a “hold” rating in a research report on Wednesday, July 6th. Citigroup Inc. boosted their target price 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. reaffirmed a “buy” rating on shares of Summit Materials in a research report on Friday, June 17th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Summit Materials currently has an average rating of “Buy” and a consensus price target of $24.00.
Summit Materials (NYSE:SUM) opened at 18.77 on Friday. Summit Materials has a 52-week low of $13.12 and a 52-week high of $24.97. The stock has a market cap of $1.42 billion, a PE ratio of 56.37 and a beta of 2.07. The firm has a 50-day moving average price of $19.11 and a 200 day moving average price of $20.39.
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Summit Materials (NYSE:SUM) last announced its earnings results 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. The company had revenue of $412.60 million for the quarter, compared to analyst estimates of $417.14 million. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The firm’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period last year, the firm earned ($0.01) earnings per share. Equities analysts anticipate that Summit Materials will post $0.10 earnings per share for the current year.
In related news, insider Thomas W. Hill sold 10,000 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $17.87, for a total transaction of $178,700.00. Following the transaction, the insider now directly owns 10,150 shares of the company’s stock, valued at $181,380.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian James Harris sold 30,000 shares of the company’s stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total value of $620,100.00. Following the transaction, the chief financial officer now directly owns 55,825 shares in the company, valued at $1,153,902.75. The disclosure for this sale can be found here. Corporate insiders own 4.49% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Prudential Financial Inc. acquired a new position in Summit Materials during the first quarter valued at $554,000. BlackRock Group LTD raised its position in Summit Materials by 92.5% in the first quarter. BlackRock Group LTD now owns 54,489 shares of the company’s stock valued at $1,059,000 after buying an additional 26,181 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Summit Materials by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,177,843 shares of the company’s stock valued at $22,909,000 after buying an additional 14,798 shares during the last quarter. TimesSquare Capital Management LLC raised its position in Summit Materials by 59.7% in the first quarter. TimesSquare Capital Management LLC now owns 1,774,862 shares of the company’s stock valued at $34,521,000 after buying an additional 663,183 shares during the last quarter. Finally, LVW Advisors LLC raised its position in Summit Materials by 3.4% in the first quarter. LVW Advisors LLC now owns 15,292 shares of the company’s stock valued at $297,000 after buying an additional 500 shares during the last quarter. 87.79% of the stock is currently owned by hedge funds and other institutional investors.
About Summit Materials
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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