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. “
Other equities research analysts have also recently issued reports about the stock. Citigroup Inc. increased their price objective on shares of Summit Materials from $25.00 to $26.00 and gave the company a buy rating in a research note on Thursday, August 4th. Bank of America Corp. reissued a buy rating on shares of Summit Materials in a research note on Friday, June 17th. Finally, DA Davidson reissued a buy rating and issued a $27.00 price objective on shares of Summit Materials in a research note on Wednesday, August 31st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $24.00.
Summit Materials (NYSE:SUM) traded up 0.80% during midday trading on Friday, hitting $18.92. 274,641 shares of the stock were exchanged. Summit Materials has a 12-month low of $13.12 and a 12-month high of $24.97. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 56.82 and a beta of 2.07. The firm has a 50 day moving average of $19.11 and a 200-day moving average of $20.39.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ 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 net margin of 2.02% and a return on equity of 11.60%. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.01) EPS. On average, equities analysts expect that Summit Materials will post $0.10 earnings per share for the current year.
In other Summit Materials news, insider Anne Lee Benedict sold 5,000 shares of the firm’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 $103,350.00. Following the sale, the insider now directly owns 7,030 shares of the company’s stock, valued at approximately $145,310.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas W. Hill sold 183,581 shares of the stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $20.74, for a total transaction of $3,807,469.94. Following the transaction, the insider now owns 10,150 shares in the company, valued at $210,511. The disclosure for this sale can be found here. Company insiders own 4.49% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Japan Co. Ltd raised its position in shares of Summit Materials by 34.2% in the second quarter. BlackRock Japan Co. Ltd now owns 5,179 shares of the company’s stock valued at $106,000 after buying an additional 1,321 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Summit Materials by 154.8% in the third quarter. BNP Paribas Arbitrage SA now owns 6,299 shares of the company’s stock valued at $117,000 after buying an additional 3,827 shares during the last quarter. Pacad Investment Ltd. bought a new position in shares of Summit Materials during the second quarter valued at $133,000. Teacher Retirement System of Texas raised its position in shares of Summit Materials by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 8,410 shares of the company’s stock valued at $172,000 after buying an additional 2,310 shares during the last quarter. Finally, Sei Investments Co. raised its position in shares of Summit Materials by 29.4% in the second quarter. Sei Investments Co. now owns 10,565 shares of the company’s stock valued at $216,000 after buying an additional 2,399 shares during the last quarter. Institutional investors and hedge funds own 87.79% of the company’s stock.
Summit Materials Company Profile
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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