Summit Materials Inc. (SUM) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Summit Materials, Inc. is a construction material company. The company supplies aggregates, cement, ready-mix concrete and asphalt primarily in the United States and western Canada. Summit Materials, Inc. is headquartered in Denver, Colorado. “
Several other analysts have also commented on the stock. DA Davidson restated a buy rating and set a $27.00 price target on shares of Summit Materials in a research report on Wednesday, August 31st. Citigroup Inc. raised their price target on shares of Summit Materials from $25.00 to $26.00 and gave the company a buy rating in a research report on Thursday, August 4th. Finally, Bank of America Corp. restated a buy rating on shares of Summit Materials in a research report on Friday, June 17th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $24.00.
Shares of Summit Materials (NYSE:SUM) traded up 0.80% during mid-day trading on Friday, hitting $18.92. 274,641 shares of the stock traded hands. Summit Materials has a 12 month low of $13.12 and a 12 month high of $24.97. The company has a market cap of $1.43 billion, a P/E ratio of 56.82 and a beta of 2.07. The firm has a 50 day moving average of $19.11 and a 200 day moving average of $20.39.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.01. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The business had revenue of $412.60 million for the quarter, compared to analysts’ expectations of $417.14 million. During the same period last year, the business earned ($0.01) EPS. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. Equities analysts anticipate that Summit Materials will post $0.10 EPS for the current fiscal year.
In other news, insider Thomas W. Hill sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $17.87, for a total value of $178,700.00. Following the sale, the insider now directly owns 10,150 shares of the company’s stock, valued at approximately $181,380.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas W. Hill sold 183,581 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $20.74, for a total transaction of $3,807,469.94. Following the completion of the sale, the insider now directly owns 10,150 shares in the company, valued at $210,511. The disclosure for this sale can be found here. Company insiders own 4.49% of the company’s stock.
Several large investors have recently added to or reduced their stakes in SUM. Prudential Financial Inc. bought a new stake in Summit Materials during the first quarter worth about $554,000. BlackRock Group LTD increased its stake in Summit Materials by 92.5% in the first quarter. BlackRock Group LTD now owns 54,489 shares of the company’s stock worth $1,059,000 after buying an additional 26,181 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in Summit Materials by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,177,843 shares of the company’s stock worth $22,909,000 after buying an additional 14,798 shares during the period. TimesSquare Capital Management LLC increased its stake in Summit Materials by 59.7% in the first quarter. TimesSquare Capital Management LLC now owns 1,774,862 shares of the company’s stock worth $34,521,000 after buying an additional 663,183 shares during the period. Finally, LVW Advisors LLC increased its stake in Summit Materials by 3.4% in the first quarter. LVW Advisors LLC now owns 15,292 shares of the company’s stock worth $297,000 after buying an additional 500 shares during the period. 87.79% of the stock is currently owned by institutional investors and hedge funds.
About Summit Materials
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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