Summit Materials, Inc. (SUM) Downgraded by Zacks Investment Research
Summit Materials, Inc. (NYSE:SUM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Summit Materials, Inc. is a construction material company. The company supplies aggregates, cement, ready-mix concrete and asphalt primarily in the United States and western Canada. Summit Materials, Inc. is headquartered in Denver, Colorado. “
A number of other equities research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Summit Materials from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 16th. Royal Bank Of Canada restated an “outperform” rating and issued a $35.00 price target (up previously from $33.00) on shares of Summit Materials in a report on Wednesday, August 9th. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. Summit Materials presently has an average rating of “Hold” and a consensus price target of $30.43.
Shares of Summit Materials (NYSE SUM) traded up 0.06% during trading on Wednesday, hitting $32.24. The company’s stock had a trading volume of 312,318 shares. The stock has a market cap of $3.47 billion, a PE ratio of 71.64 and a beta of 2.08. Summit Materials has a one year low of $18.05 and a one year high of $32.49. The company has a 50-day moving average price of $30.94 and a 200-day moving average price of $30.94.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.09). Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The company had revenue of $478.37 million for the quarter, compared to analyst estimates of $469.91 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. Equities analysts predict that Summit Materials will post $1.19 EPS for the current fiscal year.
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In related news, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $28.75, for a total transaction of $359,375.00. Following the completion of the transaction, the insider now directly owns 20,610 shares in the company, valued at approximately $592,537.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas W. Hill sold 6,300 shares of Summit Materials stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $28.74, for a total value of $181,062.00. Following the transaction, the chief executive officer now owns 20,610 shares of the company’s stock, valued at $592,331.40. The disclosure for this sale can be found here. Insiders sold 622,733 shares of company stock worth $18,370,296 over the last quarter. Company insiders own 1.97% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Summit Materials by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 8,524,048 shares of the construction company’s stock valued at $246,089,000 after buying an additional 70,684 shares during the last quarter. BlackRock Inc. increased its position in Summit Materials by 57,208.1% during the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock worth $185,890,000 after buying an additional 7,509,709 shares in the last quarter. Janus Henderson Group PLC acquired a new position in shares of Summit Materials in the second quarter worth $121,836,000. Janus Capital Management LLC raised its holdings in shares of 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 worth $100,723,000 after acquiring an additional 412,239 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Summit Materials by 23.9% in the second quarter. Goldman Sachs Group Inc. now owns 3,344,808 shares of the construction company’s stock worth $96,565,000 after acquiring an additional 645,543 shares during the last quarter.
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.
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