Summit Materials Inc. (SUM) Cut to Neutral at Goldman Sachs Group Inc.
Summit Materials Inc. (NYSE:SUM) was downgraded by stock analysts at Goldman Sachs Group Inc. from a “buy” rating to a “neutral” rating in a research report issued on Tuesday, The Fly reports.
SUM has been the subject of a number of other reports. DA Davidson restated a “buy” rating and issued a $27.00 price objective on shares of Summit Materials in a report on Wednesday, August 31st. Zacks Investment Research upgraded Summit Materials from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Thursday, October 6th. Bank of America Corp. restated a “buy” rating on shares of Summit Materials in a report on Friday, June 17th. Finally, Citigroup Inc. increased their price objective on Summit Materials from $25.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $24.00.
Summit Materials (NYSE:SUM) opened at 18.99 on Tuesday. The firm has a 50-day moving average price of $19.08 and a 200-day moving average price of $20.41. Summit Materials has a 12 month low of $13.12 and a 12 month high of $24.97. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 57.03 and a beta of 2.07.
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Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.01. The company earned $412.60 million during the quarter, compared to analyst estimates of $417.14 million. Summit Materials had a net margin of 2.02% and a return on equity of 11.60%. The business’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.01) earnings per share. On average, equities analysts anticipate that Summit Materials will post $0.10 earnings per share for the current fiscal year.
In other news, insider Thomas W. Hill sold 183,581 shares of the stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $20.74, for a total transaction of $3,807,469.94. Following the transaction, the insider now owns 10,150 shares of the company’s stock, valued at approximately $210,511. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holdings L.P. Blackstone II sold 12,209,704 shares of the stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $20.67, for a total transaction of $252,374,581.68. The disclosure for this sale can be found here. Insiders own 4.49% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Japan Co. Ltd raised 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 worth $106,000 after buying an additional 1,321 shares in the last quarter. BNP Paribas Arbitrage SA raised 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 worth $117,000 after buying an additional 3,827 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in Summit Materials during the second quarter worth $133,000. Teacher Retirement System of Texas raised 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 worth $172,000 after buying an additional 2,310 shares in the last quarter. Finally, Sei Investments Co. raised 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 worth $216,000 after buying an additional 2,399 shares in the last quarter. 87.79% of the stock is currently owned by institutional investors.
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.
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