Bank of America Corp Boosts Summit Materials, Inc. (SUM) Price Target to $34.00
Summit Materials, Inc. (NYSE:SUM) had its target price hoisted by investment analysts at Bank of America Corp from $33.00 to $34.00 in a research note issued on Tuesday. The brokerage currently has a “neutral” rating on the construction company’s stock. Bank of America Corp’s price target would suggest a potential upside of 8.28% from the stock’s current price.
SUM has been the subject of several other reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $35.00 target price on shares of Summit Materials in a report on Thursday, August 3rd. BidaskClub raised Summit Materials from a “strong sell” rating to a “sell” rating in a report on Thursday, August 10th. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. TheStreet raised Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Finally, SunTrust Banks, Inc. set a $38.00 target price on Summit Materials and gave the company a “buy” rating in a report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $33.83.
Shares of Summit Materials (NYSE SUM) traded down 0.70% on Tuesday, hitting $31.40. The company’s stock had a trading volume of 1,757,380 shares. The company has a 50 day moving average of $31.33 and a 200 day moving average of $31.33. Summit Materials has a 1-year low of $18.61 and a 1-year high of $32.69. The firm has a market cap of $3.38 billion, a PE ratio of 69.78 and a beta of 2.07.
Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.10). Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm had revenue of $634.18 million for the quarter, compared to analyst estimates of $558.93 million. During the same quarter in the previous year, the company earned $0.73 EPS. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. Equities analysts forecast that Summit Materials will post $1.12 EPS for the current year.
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In related news, insider Thomas W. Hill sold 250,000 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $29.30, for a total value of $7,325,000.00. Following the completion of the transaction, the insider now directly owns 70,610 shares of the company’s stock, valued at approximately $2,068,873. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $32.12, for a total value of $401,500.00. Following the completion of the transaction, the insider now directly owns 139,310 shares of the company’s stock, valued at $4,474,637.20. The disclosure for this sale can be found here. Insiders have sold 616,433 shares of company stock valued at $18,267,484 over the last ninety days. Corporate insiders own 1.97% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Summit Materials by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 8,524,048 shares of the construction company’s stock worth $246,089,000 after buying an additional 70,684 shares in the last quarter. BlackRock Inc. grew its holdings in Summit Materials by 57,208.1% in the 1st 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 bought a new position in Summit Materials in the 2nd quarter worth approximately $121,836,000. Goldman Sachs Group Inc. grew its holdings in Summit Materials by 23.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,344,808 shares of the construction company’s stock worth $96,565,000 after buying an additional 645,543 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its holdings in Summit Materials by 2.5% in the 2nd quarter. TimesSquare Capital Management LLC now owns 3,069,486 shares of the construction company’s stock worth $88,616,000 after buying an additional 75,600 shares in 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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