Summit Materials Inc. (SUM) Lowered to Neutral at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. downgraded shares of Summit Materials Inc. (NYSE:SUM) from a buy rating to a neutral rating in a research note issued to investors on Tuesday. The brokerage currently has $21.00 price target on the stock, down from their previous price target of $22.00.
A number of other equities analysts have also commented on SUM. Zacks Investment Research lowered Summit Materials from a buy rating to a hold rating in a research note on Wednesday, July 6th. DA Davidson reiterated a buy rating and issued a $27.00 price objective on shares of Summit Materials in a research note on Wednesday, August 31st. Citigroup Inc. lifted their price objective on Summit Materials from $25.00 to $26.00 and gave the stock a buy rating in a research note on Thursday, August 4th. Finally, Bank of America Corp. reiterated a buy rating on shares of Summit Materials in a research note on Friday, June 17th. Three investment analysts have rated the stock with a hold rating and five 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 $23.43.
Shares of Summit Materials (NYSE:SUM) opened at 18.47 on Tuesday. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 55.47 and a beta of 2.07. The firm has a 50-day moving average price of $19.02 and a 200 day moving average price of $20.39. Summit Materials has a 12-month low of $13.12 and a 12-month high of $24.97.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by $0.01. The business earned $412.60 million during the quarter, compared to the consensus estimate of $417.14 million. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. On average, equities research analysts anticipate that Summit Materials will post $0.10 earnings per share for the current fiscal year.
In other news, insider Anne Lee Benedict sold 5,000 shares of the company’s stock in a transaction that occurred on 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 approximately $145,310.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings L.P. Blackstone II sold 12,209,704 shares of the company’s stock in a transaction that occurred on Tuesday, July 19th. The shares were 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 added to or reduced their stakes in SUM. BlackRock Japan Co. Ltd raised its stake in 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. BNP Paribas Arbitrage SA raised its stake in Summit Materials by 154.8% in the third quarter. BNP Paribas Arbitrage SA now owns 6,299 shares of the company’s stock valued at $117,000 after buying an additional 3,827 shares in the last quarter. Pacad Investment Ltd. bought a new stake in Summit Materials during the second quarter valued at $133,000. Teacher Retirement System of Texas raised its stake in 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. raised its stake in 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. Institutional investors own 87.79% of the company’s stock.
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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