Shares of Summit Materials Inc. (NYSE:SUM) have earned an average rating of “Buy” from the eight analysts that are covering the firm. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $24.40.
SUM has been the topic of a number of recent analyst reports. Bank of America Corp. reiterated a “buy” rating on shares of Summit Materials in a research note on Friday, June 17th. Citigroup Inc. boosted their price target on shares of Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, August 4th. DA Davidson reiterated a “buy” rating and set a $27.00 price target on shares of Summit Materials in a research note on Wednesday, August 31st. Finally, Zacks Investment Research lowered shares of Summit Materials from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th.
In other Summit Materials news, insider Anne Lee Benedict sold 5,000 shares of the company’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total value of $103,350.00. Following the sale, the insider now owns 7,030 shares of the company’s stock, valued at $145,310.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian James Harris sold 30,000 shares of the company’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total transaction of $620,100.00. Following the completion of the sale, the chief financial officer now directly owns 55,825 shares in the company, valued at approximately $1,153,902.75. The disclosure for this sale can be found here. 4.49% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in SUM. Artemis Investment Management LLP acquired a new stake in shares of Summit Materials during the second quarter valued at about $14,581,000. Quadrature Capital Ltd acquired a new stake in shares of Summit Materials during the first quarter valued at about $391,000. BlackRock Institutional Trust Company N.A. increased its stake in shares of Summit Materials by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,177,843 shares of the company’s stock valued at $22,909,000 after buying an additional 14,798 shares during the period. Turner Investments L.P. increased its stake in shares of Summit Materials by 34.0% in the second quarter. Turner Investments L.P. now owns 33,510 shares of the company’s stock valued at $686,000 after buying an additional 8,510 shares during the period. Finally, Bogle Investment Management L P DE acquired a new stake in shares of Summit Materials during the first quarter valued at about $247,000. 87.79% of the stock is currently owned by institutional investors.
Shares of Summit Materials (NYSE:SUM) traded down 1.35% on Monday, reaching $18.30. 231,380 shares of the company were exchanged. Summit Materials has a 52-week low of $13.12 and a 52-week high of $24.97. The stock has a 50 day moving average of $19.31 and a 200-day moving average of $20.40. The company has a market capitalization of $1.38 billion, a P/E ratio of 54.95 and a beta of 2.07.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by $0.01. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The firm had revenue of $412.60 million for the quarter, compared to analyst estimates of $417.14 million. During the same quarter last year, the firm earned ($0.01) earnings per share. The company’s revenue was up 22.0% compared to the same quarter last year. On average, analysts predict that Summit Materials will post $0.10 EPS for the current fiscal year.
About Summit Materials
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.
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