Summit Materials Inc. (SUM) Given Buy Rating at DA Davidson
Several other brokerages also recently commented on SUM. RBC Capital Markets reaffirmed an outperform rating and set a $26.00 target price (up previously from $24.00) on shares of Summit Materials in a report on Thursday, November 3rd. Royal Bank Of Canada lifted their target price on shares of Summit Materials from $24.00 to $26.00 and gave the stock an outperform rating in a report on Thursday, November 3rd. Citigroup Inc. boosted their price objective on shares of Summit Materials from $25.00 to $26.00 and gave the company a buy rating in a report on Thursday, August 4th. Zacks Investment Research raised shares of Summit Materials from a hold rating to a buy rating and set a $21.00 price objective for the company in a report on Thursday, October 6th. Finally, Bank of America Corp. downgraded shares of Summit Materials from a buy rating to a neutral rating in a report on Wednesday. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $24.13.
Summit Materials (NYSE:SUM) traded down 0.59% during mid-day trading on Thursday, hitting $23.71. 349,654 shares of the stock traded hands. The firm’s 50-day moving average price is $19.98 and its 200-day moving average price is $20.42. Summit Materials has a 52 week low of $13.12 and a 52 week high of $24.81. The firm has a market cap of $1.79 billion, a P/E ratio of 37.94 and a beta of 2.00.
Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, November 2nd. The company reported $0.73 EPS for the quarter, hitting the consensus estimate of $0.73. The business earned $529.40 million during the quarter, compared to the consensus estimate of $483.19 million. Summit Materials had a net margin of 3.99% and a return on equity of 17.05%. Summit Materials’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 EPS. On average, equities analysts forecast that Summit Materials will post $1.12 earnings per share for the current fiscal year.
In other Summit Materials news, insider Thomas W. Hill sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the sale, the insider now directly owns 10,150 shares of the company’s stock, valued at approximately $202,695.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas W. Hill sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, October 24th. The stock was sold at an average price of $19.26, for a total transaction of $288,900.00. Following the sale, the chief executive officer now directly owns 10,150 shares in the company, valued at $195,489. The disclosure for this sale can be found here. Company insiders own 4.49% of the company’s stock.
A number of large investors have recently bought and sold shares of SUM. Price T Rowe Associates Inc. MD raised its stake in Summit Materials by 9.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 23,435 shares of the company’s stock worth $435,000 after buying an additional 2,000 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Summit Materials during the third quarter worth approximately $237,000. Verition Fund Management LLC purchased a new stake in Summit Materials during the third quarter worth approximately $946,000. Lombard Odier Asset Management USA Corp purchased a new stake in Summit Materials during the third quarter worth approximately $12,058,000. Finally, Scopus Asset Management L.P. purchased a new stake in Summit Materials during the third quarter worth approximately $7,525,000. 89.53% of the stock is currently owned by hedge funds and other institutional investors.
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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