Summit Materials (SUM) Now Covered by Analysts at Barclays
Equities research analysts at Barclays assumed coverage on shares of Summit Materials (NYSE:SUM) in a research report issued on Tuesday, The Fly reports. The brokerage set an “equal weight” rating on the construction company’s stock.
Other equities research analysts have also recently issued reports about the company. SunTrust Banks set a $38.00 price objective on Summit Materials and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Canaccord Genuity reissued a “buy” rating and set a $12.50 price objective on shares of Summit Materials in a research note on Wednesday, November 8th. Royal Bank of Canada reissued a “buy” rating on shares of Summit Materials in a research note on Thursday, November 2nd. Bank of America boosted their price objective on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. Finally, Zacks Investment Research cut Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $31.42.
Summit Materials (NYSE:SUM) traded down $0.32 during trading hours on Tuesday, hitting $31.19. The company had a trading volume of 1,415,076 shares, compared to its average volume of 1,453,908. The company has a quick ratio of 2.01, a current ratio of 2.59 and a debt-to-equity ratio of 1.48. Summit Materials has a 12 month low of $22.19 and a 12 month high of $32.69. The stock has a market capitalization of $3,566.96, a P/E ratio of 35.74, a P/E/G ratio of 3.06 and a beta of 1.97.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.10). Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The company had revenue of $634.18 million for the quarter, compared to the consensus estimate of $558.93 million. During the same period in the previous year, the firm earned $0.73 earnings per share. The company’s revenue was up 19.8% compared to the same quarter last year. equities research analysts predict that Summit Materials will post 1.01 earnings per share for the current year.
In other news, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $32.12, for a total transaction of $401,500.00. Following the transaction, the insider now owns 139,310 shares of the company’s stock, valued at $4,474,637.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Douglas Charles Rauh sold 26,324 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $31.36, for a total value of $825,520.64. Following the transaction, the insider now directly owns 18,724 shares in the company, valued at approximately $587,184.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 119,678 shares of company stock worth $3,697,101. Insiders own 1.97% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Summit Materials by 0.8% during the second 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. grew its stake 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 worth $185,890,000 after purchasing an additional 7,509,709 shares in the last quarter. Janus Henderson Group PLC grew its stake in Summit Materials by 42.5% in the third quarter. Janus Henderson Group PLC now owns 6,012,622 shares of the construction company’s stock worth $192,584,000 after purchasing an additional 1,792,448 shares in the last quarter. Jennison Associates LLC grew its stake in Summit Materials by 32.9% in the third quarter. Jennison Associates LLC now owns 5,193,672 shares of the construction company’s stock worth $166,353,000 after purchasing an additional 1,285,287 shares in the last quarter. Finally, Janus Capital Management LLC grew its stake 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 worth $100,723,000 after purchasing an additional 412,239 shares in the last quarter.
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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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