Summit Materials, Inc. (SUM) Receives Average Recommendation of “Buy” from Analysts
Shares of Summit Materials, Inc. (NYSE:SUM) have earned a consensus rating of “Buy” from the eleven analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $30.33.
Several research firms recently weighed in on SUM. BidaskClub lowered shares of Summit Materials from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Royal Bank Of Canada lifted their price objective on shares of Summit Materials from $33.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. Zacks Investment Research raised shares of 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. Finally, TheStreet lowered shares of Summit Materials from a “b-” rating to a “c” rating in a research note on Wednesday, May 3rd.
In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $26.94, for a total transaction of $336,750.00. Following the sale, the insider now directly owns 20,610 shares in the company, valued at approximately $555,233.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas Charles Rauh sold 19,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $26.81, for a total transaction of $509,390.00. Following the sale, the insider now owns 26,313 shares in the company, valued at $705,451.53. The disclosure for this sale can be found here. Insiders have sold a total of 498,947 shares of company stock worth $14,391,775 over the last 90 days. Corporate insiders own 1.97% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP bought a new stake in shares of Summit Materials during the fourth quarter valued at approximately $6,225,000. AQR Capital Management LLC bought a new stake in shares of Summit Materials during the fourth quarter valued at approximately $344,000. Teachers Advisors LLC increased its stake in shares of Summit Materials by 284.6% in the fourth quarter. Teachers Advisors LLC now owns 442,404 shares of the construction company’s stock valued at $10,525,000 after buying an additional 327,386 shares during the period. Fox Run Management L.L.C. bought a new stake in shares of Summit Materials during the first quarter valued at approximately $447,000. Finally, Boston Advisors LLC bought a new stake in shares of Summit Materials during the first quarter valued at approximately $9,890,000.
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Summit Materials (NYSE SUM) traded down 0.126% during midday trading on Friday, hitting $27.685. 772,349 shares of the stock were exchanged. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 61.522 and a beta of 2.06. Summit Materials has a one year low of $17.27 and a one year high of $29.72. The company has a 50 day moving average price of $28.75 and a 200 day moving average price of $26.45.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by $0.09. The business had revenue of $478.37 million during the quarter, compared to the consensus estimate of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the business posted $0.46 EPS. Equities analysts anticipate that Summit Materials will post $1.23 EPS for the current year.
About Summit Materials
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.
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