Summit Materials (SUM) Given New $38.00 Price Target at Deutsche Bank

Summit Materials (NYSE:SUM) had its price objective lifted by Deutsche Bank from $35.00 to $38.00 in a research note issued on Thursday. The brokerage currently has a “buy” rating on the construction company’s stock. Deutsche Bank’s price objective points to a potential upside of 16.21% from the company’s previous close.

A number of other brokerages have also weighed in on SUM. Canaccord Genuity reaffirmed a “buy” rating and set a $12.50 target price on shares of Summit Materials in a research note on Wednesday, November 8th. Citigroup lifted their target price on shares of Summit Materials from $37.00 to $39.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Barclays initiated coverage on shares of Summit Materials in a research note on Tuesday, December 12th. They set an “equal weight” rating and a $32.00 target price on the stock. SunTrust Banks set a $38.00 target price on shares of Summit Materials and gave the company a “buy” rating in a research note on Tuesday, October 24th. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of Summit Materials in a research note on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. Summit Materials has a consensus rating of “Buy” and an average target price of $33.06.

Shares of Summit Materials (NYSE:SUM) traded up $1.12 on Thursday, hitting $32.70. 1,007,440 shares of the stock were exchanged, compared to its average volume of 1,199,873. The company has a market cap of $3,166.60, a price-to-earnings ratio of 48.60, a price-to-earnings-growth ratio of 1.88 and a beta of 1.81. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.59 and a quick ratio of 2.01. Summit Materials has a 52-week low of $22.19 and a 52-week high of $34.06.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, February 14th. The construction company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.19. The firm had revenue of $490.02 million for the quarter, compared to analyst estimates of $449.45 million. Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.06 EPS. sell-side analysts expect that Summit Materials will post 0.92 earnings per share for the current fiscal year.

In related news, insider Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $28.85, for a total transaction of $360,625.00. Following the sale, the insider now owns 160,548 shares of the company’s stock, valued at $4,631,809.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Damian John Murphy sold 115,118 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $31.75, for a total transaction of $3,654,996.50. Following the sale, the executive vice president now directly owns 66,440 shares in the company, valued at approximately $2,109,470. The disclosure for this sale can be found here. Insiders have sold 196,418 shares of company stock worth $6,131,924 in the last three months. 1.97% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of SUM. Bank of Montreal Can lifted its stake in shares of Summit Materials by 310.5% in the fourth quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock worth $104,000 after buying an additional 2,515 shares in the last quarter. First Manhattan Co. purchased a new position in shares of Summit Materials during the third quarter valued at approximately $160,000. Cubist Systematic Strategies LLC purchased a new stake in Summit Materials during the third quarter valued at approximately $180,000. Daiwa Securities Group Inc. purchased a new stake in Summit Materials during the third quarter valued at approximately $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Summit Materials by 39.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock valued at $220,000 after buying an additional 1,985 shares during the last quarter.

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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.

Analyst Recommendations for Summit Materials (NYSE:SUM)

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