Summit Materials, Inc. (SUM) Given a $38.00 Price Target by SunTrust Banks, Inc. Analysts
Summit Materials, Inc. (NYSE:SUM) has been assigned a $38.00 price target by equities research analysts at SunTrust Banks, Inc. in a report issued on Tuesday. The firm currently has a “buy” rating on the construction company’s stock. SunTrust Banks, Inc.’s price objective would indicate a potential upside of 19.42% from the stock’s current price.
Other equities analysts also recently issued reports about the company. Royal Bank Of Canada lifted their target price on Summit Materials from $33.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, August 3rd. BidaskClub downgraded Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 16th. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Zacks Investment Research downgraded Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, July 14th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $33.80.
Shares of Summit Materials (SUM) traded up 2.373% during mid-day trading on Tuesday, hitting $32.575. The company had a trading volume of 1,378,952 shares. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 72.389 and a beta of 2.07. The stock’s 50-day moving average is $31.25 and its 200-day moving average is $31.25. Summit Materials has a 52-week low of $17.84 and a 52-week high of $32.69.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.09). Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The company had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The business’s revenue was up 15.9% on a year-over-year basis. Equities analysts forecast that Summit Materials will post $1.17 earnings per share for the current year.
In other news, CEO Thomas W. Hill sold 6,300 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $30.27, for a total transaction of $190,701.00. Following the completion of the transaction, the chief executive officer now directly owns 170,610 shares in the company, valued at $5,164,364.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Anne Lee Benedict sold 21,147 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $29.27, for a total value of $618,972.69. Following the transaction, the insider now owns 20,448 shares of the company’s stock, valued at $598,512.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 603,933 shares of company stock valued at $17,865,984. Insiders own 1.97% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of SUM. BlackRock Inc. boosted its position in shares of 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 during the period. Janus Henderson Group PLC acquired a new position in shares of Summit Materials during the second quarter worth approximately $121,836,000. FMR LLC boosted its position in shares of Summit Materials by 616.9% during the second quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock worth $87,021,000 after buying an additional 2,593,803 shares during the period. Westfield Capital Management Co. LP boosted its position in shares of Summit Materials by 110.7% during the second quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock worth $86,306,000 after buying an additional 1,570,803 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Summit Materials by 19.9% during the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock worth $208,882,000 after buying an additional 1,402,233 shares during the period.
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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