Several other brokerages have also issued reports on SUM. Zacks Investment Research lowered shares of Summit Materials from a hold rating to a sell rating in a research note on Wednesday, October 4th. BidaskClub lowered shares of Summit Materials from a hold rating to a sell rating in a research note on Thursday, July 20th. SunTrust Banks, Inc. 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. TheStreet raised shares of Summit Materials from a c+ rating to a b rating in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus reissued a buy rating and set a $35.00 price objective on shares of Summit Materials in a research note on Thursday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $31.42.
Shares of Summit Materials (SUM) traded up $0.25 during trading on Thursday, hitting $29.80. 938,058 shares of the company were exchanged, compared to its average volume of 1,473,350. The firm has a market cap of $3,230.00 and a PE ratio of 32.04. 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 1-year low of $22.19 and a 1-year high of $32.69.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.10). Summit Materials had a return on equity of 27.56% and a net margin of 12.94%. 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 prior year, the company earned $0.73 EPS. The firm’s revenue was up 19.8% compared to the same quarter last year. equities analysts predict that Summit Materials will post 1.02 EPS for the current year.
In related news, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $28.20, for a total value of $352,500.00. Following the completion of the transaction, the insider now directly owns 170,610 shares of the company’s stock, valued at $4,811,202. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Damian John Murphy sold 100,000 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $30.66, for a total transaction of $3,066,000.00. Following the completion of the transaction, the executive vice president now directly owns 104,398 shares of the company’s stock, valued at $3,200,842.68. The disclosure for this sale can be found here. Insiders sold 271,610 shares of company stock worth $8,301,282 over the last quarter. 1.97% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Summit Materials by 11.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after purchasing an additional 510 shares during the period. First Manhattan Co. bought a new position in Summit Materials during the third quarter worth $160,000. SG Americas Securities LLC boosted its position in Summit Materials by 27.8% during the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after purchasing an additional 1,589 shares during the period. Cubist Systematic Strategies LLC bought a new position in Summit Materials during the third quarter worth $180,000. Finally, Daiwa Securities Group Inc. bought a new position in Summit Materials during the third quarter worth $202,000.
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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