Summit Materials Inc (SUM) Receives Consensus Recommendation of “Buy” from Analysts

Summit Materials Inc (NYSE:SUM) has earned a consensus rating of “Buy” from the twelve brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $32.07.

Several analysts have recently issued reports on SUM shares. Royal Bank of Canada reissued a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. Zacks Investment Research raised Summit Materials from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Citigroup increased their target price on Summit Materials from $37.00 to $39.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Bank of America increased their target price on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. Finally, SunTrust Banks set a $38.00 target price on Summit Materials and gave the stock a “buy” rating in a report on Tuesday, October 24th.

Summit Materials (SUM) traded down $0.08 on Friday, hitting $28.44. The stock had a trading volume of 308,181 shares, compared to its average volume of 1,004,271. The firm has a market cap of $3,298.59, a price-to-earnings ratio of 42.41, a P/E/G ratio of 1.91 and a beta of 1.81. Summit Materials has a 12 month low of $22.19 and a 12 month high of $34.06. The company has a current ratio of 2.59, a quick ratio of 2.01 and a debt-to-equity ratio of 1.48.

In related news, EVP Damian John Murphy sold 115,118 shares of the firm’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $31.75, for a total value of $3,654,996.50. Following the sale, the executive vice president now directly owns 66,440 shares of the company’s stock, valued at $2,109,470. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas W. Hill sold 6,300 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $31.04, for a total value of $195,552.00. The disclosure for this sale can be found here. Insiders sold 183,918 shares of company stock worth $5,771,299 over the last ninety days. 1.97% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in SUM. PNC Financial Services Group Inc. boosted its stake in Summit Materials by 13,842.1% in the second quarter. PNC Financial Services Group Inc. now owns 10,596 shares of the construction company’s stock valued at $306,000 after buying an additional 10,520 shares in the last quarter. Northern Trust Corp raised its position in Summit Materials by 4.0% in the second quarter. Northern Trust Corp now owns 1,358,465 shares of the construction company’s stock valued at $39,219,000 after purchasing an additional 52,493 shares during the last quarter. Vanguard Group Inc. raised its position in Summit Materials by 0.8% in the second quarter. Vanguard Group Inc. now owns 8,524,048 shares of the construction company’s stock valued at $246,089,000 after purchasing an additional 70,684 shares during the last quarter. FMR LLC raised its position in Summit Materials by 616.9% in the second quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock valued at $87,021,000 after purchasing an additional 2,593,803 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Summit Materials by 2.2% in the second quarter. California Public Employees Retirement System now owns 208,900 shares of the construction company’s stock valued at $6,031,000 after purchasing an additional 4,500 shares during 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.

Analyst Recommendations for Summit Materials (NYSE:SUM)

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