Summit Materials’ (SUM) “Outperform” Rating Reaffirmed at Royal Bank Of Canada
Royal Bank Of Canada restated their outperform rating on shares of Summit Materials Inc. (NYSE:SUM) in a report released on Wednesday morning. The brokerage currently has a $26.00 price objective on the stock, down from their previous price objective of $29.00.
Several other research firms have also issued reports on SUM. Bank of America Corp. lowered Summit Materials from a buy rating to a neutral rating in a research note on Wednesday. They noted that the move was a valuation call. Citigroup Inc. increased 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. DA Davidson reiterated a buy rating and set a $27.00 price objective on shares of Summit Materials in a research note on Wednesday, August 31st. RBC Capital Markets reiterated an outperform rating and set a $26.00 price objective (up from $24.00) on shares of Summit Materials in a research note on Thursday, November 3rd. Finally, Zacks Investment Research lowered Summit Materials from a buy rating to a hold rating in a research note on Friday, October 7th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Summit Materials currently has an average rating of Buy and an average price target of $24.13.
Summit Materials (NYSE:SUM) traded down 1.34% during midday trading on Wednesday, reaching $23.62. 876,381 shares of the company traded hands. Summit Materials has a 12-month low of $13.12 and a 12-month high of $24.81. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 37.79 and a beta of 2.00. The company has a 50-day moving average price of $19.86 and a 200-day moving average price of $20.39.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, November 2nd. The company reported $0.73 EPS for the quarter, meeting analysts’ consensus estimates of $0.73. The business earned $529.40 million during the quarter, compared to analyst estimates of $483.19 million. Summit Materials had a return on equity of 17.05% and a net margin of 3.99%. Summit Materials’s revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 earnings per share. On average, analysts predict that Summit Materials will post $1.12 earnings per share for the current fiscal year.
In other news, insider Douglas Charles Rauh sold 50,000 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $19.32, for a total transaction of $966,000.00. Following the sale, the insider now owns 53,552 shares in the company, valued at $1,034,624.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas W. Hill sold 10,000 shares of the stock in a transaction on Friday, August 26th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the sale, the insider now owns 10,150 shares in the company, valued at approximately $202,695.50. The disclosure for this sale can be found here. Insiders own 4.49% of the company’s stock.
Several hedge funds have recently made changes to their positions in SUM. Artemis Investment Management LLP purchased a new position in Summit Materials during the second quarter valued at about $14,581,000. BlackRock Institutional Trust Company N.A. boosted its position 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 valued at $22,909,000 after buying an additional 14,798 shares in the last quarter. Turner Investments L.P. boosted its position in Summit Materials by 34.0% in the second quarter. Turner Investments L.P. now owns 33,510 shares of the company’s stock valued at $686,000 after buying an additional 8,510 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in Summit Materials by 57.2% in the second quarter. UBS Asset Management Americas Inc. now owns 475,893 shares of the company’s stock valued at $9,738,000 after buying an additional 173,256 shares in the last quarter. Finally, HBK Investments L P boosted its position in 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. Institutional investors own 89.53% 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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