Summit Materials Inc. (NYSE:SUM) was downgraded by equities research analysts at Bank of America Corp. from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday. The analysts noted that the move was a valuation call.

A number of other brokerages also recently commented on SUM. RBC Capital Markets reiterated an “outperform” rating and issued a $26.00 price objective (up previously from $24.00) on shares of Summit Materials in a research report on Thursday, November 3rd. Royal Bank Of Canada raised their price objective on Summit Materials from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, November 3rd. Citigroup Inc. raised their price objective on Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Zacks Investment Research upgraded Summit Materials from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Thursday, October 6th. Finally, DA Davidson reiterated a “buy” rating and issued a $27.00 price objective on shares of Summit Materials in a research report on Wednesday, August 31st. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $24.13.

Analyst Recommendations for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM) opened at 23.85 on Wednesday. Summit Materials has a 1-year low of $13.12 and a 1-year high of $24.81. The stock has a 50 day moving average price of $19.98 and a 200 day moving average price of $20.42. The company has a market cap of $1.80 billion, a PE ratio of 38.16 and a beta of 2.00.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, November 2nd. The company reported $0.73 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.73. The firm had revenue of $529.40 million for 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%. The company’s revenue was up 12.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 EPS. Equities analysts forecast that Summit Materials will post $1.12 earnings per share for the current year.

In other Summit Materials news, Director John Raymond Murphy acquired 6,000 shares of the business’s stock in a transaction on Tuesday, September 6th. The stock was purchased at an average price of $18.93 per share, for a total transaction of $113,580.00. Following the transaction, the director now owns 5,152 shares in the company, valued at approximately $97,527.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Thomas W. Hill sold 10,000 shares of Summit Materials stock in a transaction on Friday, August 26th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the completion of the transaction, the insider now owns 10,150 shares of the company’s stock, valued at approximately $202,695.50. The disclosure for this sale can be found here. Corporate insiders own 4.49% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Princeton Capital Management Inc. increased its position in shares of Summit Materials by 2.4% in the second quarter. Princeton Capital Management Inc. now owns 15,666 shares of the company’s stock valued at $321,000 after buying an additional 374 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Summit Materials by 2.2% in the third quarter. Prudential Financial Inc. now owns 21,523 shares of the company’s stock valued at $400,000 after buying an additional 469 shares during the last quarter. BlackRock Japan Co. Ltd increased its position in shares of 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 during the last quarter. Suntrust Banks Inc. increased its position in shares of Summit Materials by 12.0% in the third quarter. Suntrust Banks Inc. now owns 12,387 shares of the company’s stock valued at $229,000 after buying an additional 1,331 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in shares of Summit Materials by 6.0% in the third quarter. Oppenheimer & Co. Inc. now owns 35,200 shares of the company’s stock valued at $653,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 89.53% 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.

5 Day Chart for NYSE:SUM

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