Summit Materials Inc. (NYSE:SUM) Receives Average Rating of “Buy” from Analysts
Summit Materials Inc. (NYSE:SUM) has received a consensus rating of “Buy” from the eight brokerages that are currently covering the stock. Two equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $24.40.
Several brokerages have recently commented on SUM. Citigroup Inc. increased their price objective on Summit Materials from $25.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, August 4th. DA Davidson reiterated a “buy” rating and set a $27.00 price objective on shares of Summit Materials in a report on Wednesday, August 31st. Bank of America Corp. reiterated a “buy” rating on shares of Summit Materials in a report on Friday, June 17th. Finally, Zacks Investment Research downgraded Summit Materials from a “buy” rating to a “hold” rating in a research report on Wednesday, July 6th.
In other Summit Materials news, CEO Thomas W. Hill sold 10,000 shares of the stock in a transaction dated Thursday, July 14th. The stock was sold at an average price of $21.45, for a total transaction of $214,500.00. Following the sale, the chief executive officer now directly owns 10,150 shares of the company’s stock, valued at approximately $217,717.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anne Lee Benedict sold 5,000 shares of the stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $20.67, for a total value of $103,350.00. Following the sale, the insider now directly owns 7,030 shares in the company, valued at $145,310.10. The disclosure for this sale can be found here. Company insiders own 4.49% of the company’s stock.
A number of large investors have recently made changes to their positions in SUM. HBK Investments L P increased its stake in shares of Summit Materials by 35.1% in the first quarter. HBK Investments L P now owns 25,000 shares of the company’s stock valued at $486,000 after buying an additional 6,490 shares in the last quarter. Bogle Investment Management L P DE acquired a new stake in Summit Materials during the first quarter worth approximately $247,000. Wellington Management Group LLP boosted its stake in Summit Materials by 6.4% in the first quarter. Wellington Management Group LLP now owns 960,987 shares of the company’s stock worth $18,691,000 after buying an additional 57,992 shares during the period. Nicholas Investment Partners LP boosted its stake in Summit Materials by 38.6% in the first quarter. Nicholas Investment Partners LP now owns 389,295 shares of the company’s stock worth $7,572,000 after buying an additional 108,333 shares during the period. Finally, AXA acquired a new stake in Summit Materials during the first quarter worth approximately $1,297,000. 87.79% of the stock is currently owned by institutional investors.
Summit Materials (NYSE:SUM) traded down 1.35% during trading on Monday, reaching $18.30. The company had a trading volume of 231,380 shares. The firm has a market capitalization of $1.38 billion, a P/E ratio of 54.95 and a beta of 2.07. The stock has a 50 day moving average price of $19.31 and a 200 day moving average price of $20.40. Summit Materials has a 52 week low of $13.12 and a 52 week high of $24.97.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.47 by $0.01. Summit Materials had a net margin of 2.02% and a return on equity of 11.60%. The business had revenue of $412.60 million for the quarter, compared to analysts’ expectations of $417.14 million. During the same quarter in the prior year, the company posted ($0.01) EPS. The business’s revenue for the quarter was up 22.0% on a year-over-year basis. Analysts predict that Summit Materials will post $0.10 earnings per share for the current year.
Summit Materials Company Profile
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.
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