Summit Materials, Inc. (SUM) Cut to Sell at Zacks Investment Research
Summit Materials, Inc. (NYSE:SUM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday, July 14th.
According to Zacks, “Summit Materials, Inc. is a construction material company. The company supplies aggregates, cement, ready-mix concrete and asphalt primarily in the United States and western Canada. Summit Materials, Inc. is headquartered in Denver, Colorado. “
Several other equities research analysts have also recently issued reports on SUM. TheStreet raised shares of Summit Materials from a “c” rating to a “b-” rating in a research report on Tuesday, March 28th. Cleveland Research reissued a “buy” rating on shares of Summit Materials in a research report on Friday, March 31st. Royal Bank Of Canada reissued a “buy” rating and issued a $33.00 price objective on shares of Summit Materials in a research report on Monday, June 19th. BidaskClub cut shares of Summit Materials from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Finally, Longbow Research began coverage on shares of Summit Materials in a research report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. Summit Materials presently has an average rating of “Buy” and a consensus target price of $30.43.
Summit Materials (NYSE SUM) traded up 0.03% during trading on Friday, reaching $29.51. 973,477 shares of the company were exchanged. The stock has a market capitalization of $3.17 billion, a P/E ratio of 50.27 and a beta of 2.06. Summit Materials has a 1-year low of $17.48 and a 1-year high of $29.72. The company’s 50-day moving average price is $28.60 and its 200-day moving average price is $26.18.
Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by $0.09. The company had revenue of $478.37 million during the quarter, compared to analysts’ expectations of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 10.43%. Summit Materials’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period last year, the firm earned $0.46 earnings per share. On average, equities analysts forecast that Summit Materials will post $1.23 EPS for the current year.
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In related news, insider Anne Lee Benedict sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $28.48, for a total transaction of $213,600.00. Following the completion of the transaction, the insider now owns 11,213 shares in the company, valued at approximately $319,346.24. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas W. Hill sold 6,300 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $28.74, for a total transaction of $181,062.00. Following the transaction, the chief executive officer now owns 20,610 shares of the company’s stock, valued at approximately $592,331.40. The disclosure for this sale can be found here. Insiders sold a total of 127,800 shares of company stock valued at $3,558,302 in the last ninety days. Corporate insiders own 1.97% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of SUM. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock valued at $111,000 after buying an additional 1,819 shares during the last quarter. SG Americas Securities LLC increased its position in Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock valued at $180,000 after buying an additional 1,589 shares during the last quarter. Strs Ohio purchased a new position in Summit Materials during the first quarter valued at approximately $192,000. Teacher Retirement System of Texas purchased a new position in Summit Materials during the first quarter valued at approximately $209,000. Finally, ARP Americas LLC purchased a new position in Summit Materials during the second quarter valued at approximately $211,000.
Summit Materials Company Profile
Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.
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