Summit Materials, Inc. (NYSE:SUM) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, June 22nd.
Other analysts have also issued reports about the stock. TheStreet lowered shares of Summit Materials from a “b-” rating to a “c” rating in a report on Wednesday, May 3rd. Royal Bank Of Canada reiterated a “buy” rating and set a $33.00 target price on shares of Summit Materials in a report on Monday, June 19th. Zacks Investment Research upgraded shares of Summit Materials from a “sell” rating to a “buy” rating and set a $31.00 target price for the company in a report on Tuesday, May 9th. Longbow Research started coverage on shares of Summit Materials in a report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price objective for the company. Finally, Cleveland Research restated a “buy” rating on shares of Summit Materials in a report on Friday, March 31st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $28.86.
Summit Materials (SUM) traded up 0.80% during trading on Thursday, reaching $29.08. The company’s stock had a trading volume of 124,912 shares. The stock’s 50 day moving average is $27.60 and its 200-day moving average is $25.35. The firm has a market cap of $3.09 billion, a P/E ratio of 440.61 and a beta of 2.09. Summit Materials has a 52 week low of $17.27 and a 52 week high of $29.67.
Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, May 3rd. The construction company reported ($0.50) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.48) by $0.02. Summit Materials had a net margin of 0.33% and a return on equity of 10.00%. The company had revenue of $259 million for the quarter, compared to the consensus estimate of $233.63 million. During the same period last year, the business posted ($0.42) earnings per share. The firm’s quarterly revenue was up 24.5% compared to the same quarter last year. On average, equities research analysts forecast that Summit Materials will post $1.40 earnings per share for the current fiscal year.
In other news, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Wednesday, April 26th. The shares were sold at an average price of $26.08, for a total value of $326,000.00. Following the sale, the insider now owns 20,610 shares in the company, valued at $537,508.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anne Lee Benedict sold 7,500 shares of the firm’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $28.48, for a total transaction of $213,600.00. Following the sale, the insider now owns 11,213 shares in the company, valued at approximately $319,346.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 278,554 shares of company stock worth $7,781,167. Corporate insiders own 1.97% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in Summit Materials during the fourth quarter worth about $3,681,000. Two Sigma Investments LP boosted its position in shares of Summit Materials by 2,816.2% in the fourth quarter. Two Sigma Investments LP now owns 542,422 shares of the construction company’s stock worth $12,904,000 after buying an additional 523,822 shares during the period. FMR LLC purchased a new position in Summit Materials during the fourth quarter valued at approximately $9,801,000. State Street Corp boosted its position in Summit Materials by 13.3% in the fourth quarter. State Street Corp now owns 1,367,678 shares of the construction company’s stock valued at $32,538,000 after buying an additional 160,522 shares during the period. Finally, BP Capital Fund Advisors LLC purchased a new position in Summit Materials during the first quarter valued at approximately $3,181,000.
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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