Summit Materials, Inc. (NYSE:SUM) has been given a consensus rating of “Buy” by the eleven research firms that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $28.86.

A number of brokerages have recently issued reports on SUM. Zacks Investment Research upgraded Summit Materials from a “sell” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Tuesday, May 9th. BidaskClub cut Summit Materials from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd. TheStreet upgraded Summit Materials from a “c” rating to a “b-” rating in a research note on Tuesday, March 28th. Cleveland Research restated a “buy” rating on shares of Summit Materials in a research note on Friday, March 31st. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a research note on Monday, June 19th.

In related news, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $27.77, for a total value of $347,125.00. Following the sale, the insider now directly owns 20,610 shares of the company’s stock, valued at $572,339.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anne Lee Benedict sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $28.48, for a total value of $213,600.00. Following the completion of the sale, the insider now directly owns 11,213 shares in the company, valued at $319,346.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 284,854 shares of company stock worth $7,869,436. 1.97% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in SUM. Vanguard Group Inc. increased its position in Summit Materials by 19.9% in the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock valued at $208,882,000 after buying an additional 1,402,233 shares in the last quarter. BlackRock Inc. increased its position in Summit Materials by 57,208.1% in the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock valued at $185,890,000 after buying an additional 7,509,709 shares in the last quarter. Janus Capital Management LLC increased its position in Summit Materials by 11.3% in the first quarter. Janus Capital Management LLC now owns 4,076,189 shares of the construction company’s stock valued at $100,723,000 after buying an additional 412,239 shares in the last quarter. Levin Capital Strategies L.P. increased its position in Summit Materials by 22.6% in the first quarter. Levin Capital Strategies L.P. now owns 3,521,385 shares of the construction company’s stock valued at $87,013,000 after buying an additional 649,603 shares in the last quarter. Finally, TimesSquare Capital Management LLC increased its position in Summit Materials by 70.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,993,886 shares of the construction company’s stock valued at $73,979,000 after buying an additional 1,242,505 shares in the last quarter.

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Shares of Summit Materials (SUM) traded down 0.62% during trading on Tuesday, reaching $28.76. 234,909 shares of the company traded hands. The stock’s 50 day moving average price is $27.50 and its 200-day moving average price is $25.15. The stock has a market cap of $3.06 billion, a P/E ratio of 435.76 and a beta of 2.10. Summit Materials has a 12 month low of $17.27 and a 12 month high of $28.94.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, May 3rd. The construction company reported ($0.50) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by $0.02. The firm had revenue of $259 million during the quarter, compared to the consensus estimate of $233.63 million. Summit Materials had a net margin of 0.33% and a return on equity of 10.00%. The company’s revenue was up 24.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.42) EPS. On average, equities research analysts expect that Summit Materials will post $1.40 EPS for the current fiscal year.

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.

Analyst Recommendations for Summit Materials (NYSE:SUM)

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