Summit Materials, Inc. (SUM) Downgraded to Strong Sell at BidaskClub
Summit Materials, Inc. (NYSE:SUM) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Wednesday.
Several other research analysts also recently issued reports on SUM. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $35.00 price objective (up previously from $33.00) on shares of Summit Materials in a research note on Wednesday, August 9th. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a research note on Thursday, August 3rd. TheStreet raised Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Finally, Longbow Research began coverage on Summit Materials in a research note on Thursday, June 8th. They issued a “buy” rating and a $34.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $30.43.
Shares of Summit Materials (NYSE SUM) opened at 28.60 on Wednesday. Summit Materials has a 12 month low of $17.27 and a 12 month high of $29.72. The firm has a market cap of $3.07 billion, a PE ratio of 63.56 and a beta of 2.06. The stock’s 50 day moving average is $28.75 and its 200 day moving average is $26.42.
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 Thomson Reuters’ consensus estimate of $0.57 by $0.09. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. During the same period in the prior year, the company earned $0.46 EPS. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. Analysts forecast that Summit Materials will post $1.23 EPS for the current fiscal year.
In other Summit Materials news, insider Douglas Charles Rauh sold 19,000 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $26.81, for a total transaction of $509,390.00. Following the completion of the sale, the insider now owns 26,313 shares of the company’s stock, valued at approximately $705,451.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $28.56, for a total transaction of $357,000.00. Following the sale, the insider now directly owns 170,610 shares of the company’s stock, valued at approximately $4,872,621.60. The disclosure for this sale can be found here. Insiders have sold a total of 498,947 shares of company stock valued at $14,391,775 in the last three months. Insiders own 1.97% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Spot Trading L.L.C. purchased a new stake in Summit Materials during the first quarter worth $545,000. Kornitzer Capital Management Inc. KS purchased a new stake in Summit Materials during the first quarter worth $11,944,000. Wells Fargo & Company MN increased its stake in Summit Materials by 1.0% in the first quarter. Wells Fargo & Company MN now owns 210,572 shares of the construction company’s stock worth $5,204,000 after buying an additional 2,098 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Summit Materials by 28.4% in the first quarter. Russell Investments Group Ltd. now owns 1,255,479 shares of the construction company’s stock worth $31,015,000 after buying an additional 277,795 shares in the last quarter. Finally, Strs Ohio purchased a new stake in Summit Materials during the first quarter worth $192,000.
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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