Summit Materials, Inc. (SUM) Given Buy Rating at Royal Bank Of Canada
Other research analysts also recently issued research reports about the company. TheStreet upgraded Summit Materials from a c+ rating to a b rating in a research note on Wednesday, August 2nd. Stifel Nicolaus restated a buy rating and set a $35.00 price target on shares of Summit Materials in a research note on Thursday, August 3rd. BidaskClub upgraded Summit Materials from a hold rating to a buy rating in a research note on Saturday, July 8th. SunTrust Banks, Inc. set a $38.00 price target on Summit Materials and gave the stock a buy rating in a research note on Tuesday, October 24th. Finally, Zacks Investment Research downgraded Summit Materials from a strong-buy rating to a hold rating in a research note on Wednesday, July 5th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $33.83.
Summit Materials (SUM) opened at $30.93 on Thursday. The firm has a market cap of $3,350.48, a P/E ratio of 33.58, a PEG ratio of 2.83 and a beta of 2.04. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.59 and a quick ratio of 2.01.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.10). The firm had revenue of $634.18 million for the quarter, compared to analysts’ expectations of $558.93 million. Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.73 EPS. analysts expect that Summit Materials will post 1.04 earnings per share for the current year.
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In other Summit Materials news, insider Douglas Charles Rauh sold 100,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $28.69, for a total transaction of $2,869,000.00. Following the completion of the sale, the insider now directly owns 43,051 shares of the company’s stock, valued at approximately $1,235,133.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $28.20, for a total value of $352,500.00. Following the sale, the insider now directly owns 170,610 shares of the company’s stock, valued at $4,811,202. The disclosure for this sale can be found here. Insiders have sold a total of 371,610 shares of company stock valued at $11,149,032 over the last ninety days. 1.97% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Sei Investments Co. lifted its holdings in shares of Summit Materials by 36.9% in the 3rd quarter. Sei Investments Co. now owns 278,064 shares of the construction company’s stock valued at $8,906,000 after buying an additional 74,916 shares during the period. Jennison Associates LLC lifted its holdings in shares of Summit Materials by 32.9% in the 3rd quarter. Jennison Associates LLC now owns 5,193,672 shares of the construction company’s stock valued at $166,353,000 after buying an additional 1,285,287 shares during the period. Princeton Capital Management Inc. lifted its holdings in shares of Summit Materials by 5.9% in the 3rd quarter. Princeton Capital Management Inc. now owns 36,982 shares of the construction company’s stock valued at $1,185,000 after buying an additional 2,067 shares during the period. Daiwa Securities Group Inc. acquired a new stake in shares of Summit Materials in the 3rd quarter valued at approximately $202,000. Finally, Tygh Capital Management Inc. lifted its holdings in shares of Summit Materials by 27.3% in the 3rd quarter. Tygh Capital Management Inc. now owns 303,173 shares of the construction company’s stock valued at $9,711,000 after buying an additional 64,958 shares during the period.
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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