Summit Materials Inc. (SUM) Receives $24.57 Average PT from Analysts
Shares of Summit Materials Inc. (NYSE:SUM) have earned a consensus rating of “Buy” from the nine brokerages that are currently covering the firm. Three research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $24.57.
Several research firms have recently commented on SUM. Citigroup Inc. lifted their target price on Summit Materials from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Royal Bank Of Canada lifted their target price on Summit Materials from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, November 3rd. RBC Capital Markets reissued an “outperform” rating and issued a $26.00 target price (up from $24.00) on shares of Summit Materials in a research note on Thursday, November 3rd. DA Davidson reissued a “buy” rating and issued a $27.00 target price on shares of Summit Materials in a research note on Wednesday, August 31st. Finally, Zacks Investment Research raised Summit Materials from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Thursday, October 6th.
Shares of Summit Materials (NYSE:SUM) opened at 23.87 on Tuesday. The stock’s 50 day moving average price is $19.30 and its 200 day moving average price is $20.31. The stock has a market capitalization of $1.80 billion, a P/E ratio of 38.19 and a beta of 2.00. Summit Materials has a one year low of $13.12 and a one year high of $24.55.
Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, November 2nd. The company reported $0.73 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. The company earned $529.40 million during the quarter, compared to analysts’ expectations of $483.19 million. Summit Materials had a return on equity of 17.05% and a net margin of 3.99%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period last year, the firm earned $0.72 EPS. On average, analysts forecast that Summit Materials will post $1.13 EPS for the current year.
In other Summit Materials news, Director John Raymond Murphy bought 6,000 shares of Summit Materials stock in a transaction on Tuesday, September 6th. The shares were purchased at an average cost of $18.93 per share, for a total transaction of $113,580.00. Following the completion of the acquisition, the director now owns 5,152 shares in the company, valued at approximately $97,527.36. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Thomas W. Hill sold 15,000 shares of Summit Materials stock in a transaction dated Monday, October 24th. The stock was sold at an average price of $19.26, for a total value of $288,900.00. Following the transaction, the chief executive officer now owns 10,150 shares in the company, valued at $195,489. The disclosure for this sale can be found here. Corporate insiders own 4.49% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of SUM. Adage Capital Partners GP L.L.C. acquired a new position in Summit Materials during the second quarter valued at $40,920,000. Citadel Advisors LLC raised its position in Summit Materials by 147.2% in the third quarter. Citadel Advisors LLC now owns 2,897,119 shares of the company’s stock valued at $53,741,000 after buying an additional 1,725,230 shares in the last quarter. Linscomb & Williams Inc. raised its position in Summit Materials by 932.0% in the second quarter. Linscomb & Williams Inc. now owns 1,571,150 shares of the company’s stock valued at $32,146,000 after buying an additional 1,418,900 shares in the last quarter. Point72 Asset Management L.P. raised its position in Summit Materials by 251.1% in the second quarter. Point72 Asset Management L.P. now owns 1,524,700 shares of the company’s stock valued at $31,195,000 after buying an additional 1,090,400 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in Summit Materials during the second quarter valued at $22,039,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.
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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