Summit Materials (NYSE:SUM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $32.00 price objective on the construction company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.20% from the stock’s previous close.

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. “

A number of other research firms also recently weighed in on SUM. Citigroup upped their price target on shares of Summit Materials from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Deutsche Bank upped their price target on shares of Summit Materials from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, February 15th. Royal Bank of Canada set a $37.00 price target on shares of Summit Materials and gave the stock a “buy” rating in a research note on Thursday, February 15th. ValuEngine raised shares of Summit Materials from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Goldman Sachs raised shares of Summit Materials from a “neutral” rating to a “buy” rating in a research note on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $33.41.

Shares of NYSE SUM traded up $0.29 during mid-day trading on Wednesday, reaching $28.52. The company had a trading volume of 382,535 shares, compared to its average volume of 1,225,199. Summit Materials has a twelve month low of $25.60 and a twelve month high of $34.06. The company has a current ratio of 3.13, a quick ratio of 2.40 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $3,169.68, a PE ratio of 30.67, a price-to-earnings-growth ratio of 1.84 and a beta of 1.71.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.24. Summit Materials had a net margin of 6.19% and a return on equity of 11.51%. The business had revenue of $490.02 million for the quarter, compared to the consensus estimate of $449.45 million. During the same period in the prior year, the business posted $0.06 earnings per share. Summit Materials’s revenue for the quarter was up 15.8% compared to the same quarter last year. analysts predict that Summit Materials will post 1.49 EPS for the current year.

In other Summit Materials news, Director John Raymond Murphy sold 5,000 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $32.62, for a total transaction of $163,100.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $28.85, for a total transaction of $360,625.00. Following the transaction, the insider now directly owns 160,548 shares in the company, valued at $4,631,809.80. The disclosure for this sale can be found here. Insiders have sold 583,083 shares of company stock worth $18,144,424 over the last three months. Company insiders own 1.50% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Bank of Montreal Can grew its position in shares of Summit Materials by 310.5% in the fourth quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock valued at $104,000 after purchasing an additional 2,515 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Summit Materials in the third quarter valued at about $180,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Summit Materials by 39.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock valued at $220,000 after purchasing an additional 1,985 shares during the last quarter. Global X Management Co. LLC grew its position in shares of Summit Materials by 77.6% in the fourth quarter. Global X Management Co. LLC now owns 7,585 shares of the construction company’s stock valued at $238,000 after purchasing an additional 3,315 shares during the last quarter. Finally, Xact Kapitalforvaltning AB acquired a new stake in shares of Summit Materials in the fourth quarter valued at about $285,000.

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Summit Materials Company Profile

Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.

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