Summit Materials Inc. (SUM) Given Buy Rating at DA Davidson
Summit Materials Inc. (NYSE:SUM)‘s stock had its “buy” rating restated by analysts at DA Davidson in a report released on Sunday. They presently have a $27.00 price target on the stock. DA Davidson’s price target would suggest a potential upside of 43.85% from the company’s current price.
Other equities research analysts also recently issued reports about the company. Zacks Investment Research downgraded Summit Materials from a “buy” rating to a “hold” rating in a report on Friday. 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. Finally, Bank of America Corp. reissued a “buy” rating on shares of Summit Materials in a report on Friday, June 17th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $24.00.
Shares of Summit Materials (NYSE:SUM) opened at 18.77 on Friday. The company has a 50-day moving average of $19.11 and a 200 day moving average of $20.39. Summit Materials has a one year low of $13.12 and a one year high of $24.97. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 56.37 and a beta of 2.07.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.01. The business earned $412.60 million during the quarter, compared to analyst estimates of $417.14 million. Summit Materials had a net margin of 2.02% and a return on equity of 11.60%. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period last year, the company earned ($0.01) earnings per share. On average, equities analysts forecast that Summit Materials will post $0.10 earnings per share for the current fiscal year.
In related news, insider Anne Lee Benedict sold 5,000 shares of the stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $20.67, for a total transaction of $103,350.00. Following the completion of the sale, the insider now directly owns 7,030 shares of the company’s stock, valued at $145,310.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Holdings L.P. Blackstone II sold 12,209,704 shares of the stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $20.67, for a total value of $252,374,581.68. The disclosure for this sale can be found here. 4.49% of the stock is owned by insiders.
Several large investors have recently modified their holdings of SUM. Princeton Capital Management Inc. increased its stake in shares of Summit Materials by 2.4% in the second quarter. Princeton Capital Management Inc. now owns 15,666 shares of the company’s stock valued at $321,000 after buying an additional 374 shares in the last quarter. LVW Advisors LLC increased its stake in shares of Summit Materials by 3.4% in the first quarter. LVW Advisors LLC now owns 15,292 shares of the company’s stock valued at $297,000 after buying an additional 500 shares in the last quarter. BlackRock Japan Co. Ltd increased its stake in shares of Summit Materials by 34.2% in the second quarter. BlackRock Japan Co. Ltd now owns 5,179 shares of the company’s stock valued at $106,000 after buying an additional 1,321 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Summit Materials by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 8,410 shares of the company’s stock valued at $172,000 after buying an additional 2,310 shares in the last quarter. Finally, Sei Investments Co. increased its stake in shares of Summit Materials by 29.4% in the second quarter. Sei Investments Co. now owns 10,565 shares of the company’s stock valued at $216,000 after buying an additional 2,399 shares in the last quarter. 87.79% of the stock is owned by hedge funds and other institutional investors.
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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