Summit Materials Inc. (SUM) Stock Rating Lowered by Goldman Sachs Group Inc.
Summit Materials Inc. (NYSE:SUM) was downgraded by investment analysts at Goldman Sachs Group Inc. from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday. They presently have a $21.00 price objective on the stock, down from their previous price objective of $22.00. Goldman Sachs Group Inc.’s target price would suggest a potential upside of 10.58% from the stock’s previous close.
SUM has been the topic of several other research reports. Bank of America Corp. reissued a “buy” rating on shares of Summit Materials in a research note on Friday, June 17th. DA Davidson reissued a “buy” rating and set a $27.00 target price on shares of Summit Materials in a research note on Sunday. Zacks Investment Research lowered Summit Materials from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Citigroup Inc. increased their price target on Summit Materials from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $23.43.
Shares of Summit Materials (NYSE:SUM) traded down 2.69% during midday trading on Tuesday, hitting $18.48. The stock had a trading volume of 747,032 shares. Summit Materials has a one year low of $13.12 and a one year high of $24.97. The stock has a market cap of $1.39 billion, a PE ratio of 55.50 and a beta of 2.07. The firm has a 50 day moving average price of $19.08 and a 200 day moving average price of $20.41.
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Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share (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 firm 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 company posted ($0.01) EPS. Summit Materials’s revenue was up 22.0% on a year-over-year basis. On average, equities analysts forecast that Summit Materials will post $0.10 earnings per share for the current fiscal year.
In related news, major shareholder Holdings L.P. Blackstone II sold 12,209,704 shares of the firm’s stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $20.67, for a total transaction of $252,374,581.68. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Thomas W. Hill sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $17.87, for a total value of $178,700.00. Following the transaction, the insider now owns 10,150 shares in the company, valued at approximately $181,380.50. The disclosure for this sale can be found here. 4.49% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Japan Co. Ltd increased its position 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 increased its position 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. purchased a new position in Summit Materials during the second quarter worth about $133,000. Teacher Retirement System of Texas increased its position 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. increased its position 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. Hedge funds and other institutional investors own 87.79% of the company’s stock.
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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