Summit Materials, Inc. (SUM) Receives $30.33 Average Target Price from Analysts
Summit Materials, Inc. (NYSE:SUM) has received a consensus rating of “Buy” from the eleven ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $30.33.
Several equities research analysts have recently commented on SUM shares. BidaskClub upgraded Summit Materials from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Zacks Investment Research upgraded Summit Materials from a “sell” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Tuesday, May 9th. TheStreet cut Summit Materials from a “b-” rating to a “c” rating in a research note on Wednesday, May 3rd. Longbow Research started coverage on Summit Materials in a research note on Thursday, June 8th. They set a “buy” rating and a $34.00 price target for the company. Finally, Royal Bank Of Canada restated a “buy” rating and set a $33.00 price target on shares of Summit Materials in a research note on Monday, June 19th.
In other Summit Materials news, insider Douglas Charles Rauh sold 19,000 shares of the stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $26.81, for a total value of $509,390.00. Following the completion of the transaction, the insider now owns 26,313 shares in the company, valued at $705,451.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $26.94, for a total value of $336,750.00. Following the completion of the transaction, the insider now owns 20,610 shares of the company’s stock, valued at approximately $555,233.40. The disclosure for this sale can be found here. Insiders sold 498,947 shares of company stock valued at $14,391,775 in the last quarter. 1.97% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BP Capital Fund Advisors LLC acquired a new position in Summit Materials during the first quarter valued at about $3,181,000. AQR Capital Management LLC acquired a new position in Summit Materials during the fourth quarter valued at about $344,000. Steadfast Capital Management LP boosted its position in Summit Materials by 4.3% in the first quarter. Steadfast Capital Management LP now owns 1,654,509 shares of the construction company’s stock valued at $40,883,000 after buying an additional 68,504 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its position in Summit Materials by 68.2% in the second quarter. Public Employees Retirement Association of Colorado now owns 893,800 shares of the construction company’s stock valued at $25,804,000 after buying an additional 362,500 shares during the last quarter. Finally, Moody Aldrich Partners LLC acquired a new position in Summit Materials during the first quarter valued at about $486,000.
Summit Materials (NYSE SUM) traded down 0.773% during trading on Friday, hitting $27.615. 453,323 shares of the stock traded hands. Summit Materials has a 12 month low of $17.27 and a 12 month high of $29.72. The firm’s 50-day moving average is $28.73 and its 200-day moving average is $26.47. The stock has a market cap of $2.97 billion, a P/E ratio of 61.367 and a beta of 2.06.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.09. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The company had revenue of $478.37 million for the quarter, compared to analysts’ expectations of $469.91 million. During the same quarter last year, the company earned $0.46 EPS. Summit Materials’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, analysts forecast that Summit Materials will post $1.23 EPS for the current year.
About Summit Materials
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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