Zacks Investment Research upgraded shares of Summit Materials Inc. (NYSE:SUM) from a hold rating to a buy rating in a research report released on Thursday. The firm currently has $21.00 price target on the stock.
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. “
SUM has been the topic of a number of other research reports. Citigroup Inc. raised their target price on shares of Summit Materials from $25.00 to $26.00 and gave the company a buy rating in a research report on Thursday, August 4th. DA Davidson reissued a buy rating and set a $27.00 target price on shares of Summit Materials in a research report on Wednesday, August 31st. Finally, Bank of America Corp. reissued a buy rating on shares of Summit Materials in a research report on Friday, June 17th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $24.50.
Shares of Summit Materials (NYSE:SUM) traded down 2.17% on Thursday, reaching $18.94. 351,699 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 firm’s 50 day moving average price is $19.13 and its 200 day moving average price is $20.39. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 56.88 and a beta of 2.07.
Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.01. The company earned $412.60 million during the quarter, compared to analysts’ expectations of $417.14 million. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The company’s quarterly revenue was up 22.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) EPS. Equities research analysts anticipate that Summit Materials will post $0.10 EPS for the current year.
In other news, insider Thomas W. Hill sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $17.87, for a total value of $178,700.00. Following the completion of the transaction, the insider now owns 10,150 shares in the company, valued at $181,380.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Thomas W. Hill sold 183,581 shares of the firm’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $20.74, for a total value of $3,807,469.94. Following the completion of the transaction, the insider now owns 10,150 shares of the company’s stock, valued at approximately $210,511. The disclosure for this sale can be found here. 4.49% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. purchased a new position in shares of Summit Materials during the second quarter worth $40,920,000. Linscomb & Williams Inc. boosted its position in shares of Summit Materials by 932.0% in the second quarter. Linscomb & Williams Inc. now owns 1,571,150 shares of the company’s stock worth $32,146,000 after buying an additional 1,418,900 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Summit Materials by 251.1% in the second quarter. Point72 Asset Management L.P. now owns 1,524,700 shares of the company’s stock worth $31,195,000 after buying an additional 1,090,400 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in shares of Summit Materials during the second quarter worth $22,039,000. Finally, Vanguard Group Inc. boosted its position in shares of Summit Materials by 30.5% in the second quarter. Vanguard Group Inc. now owns 4,387,266 shares of the company’s stock worth $89,763,000 after buying an additional 1,024,661 shares in the last quarter. Institutional investors and hedge funds own 87.79% of the company’s stock.
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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