Brokerages Set Summit Materials Inc (SUM) Target Price at $25.00

Summit Materials Inc (NYSE:SUM) has received an average recommendation of “Hold” from the nine analysts that are currently covering the company. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $25.00.

SUM has been the subject of several research analyst reports. TheStreet raised Summit Materials from a “sell” rating to a “hold” rating in a research note on Wednesday, December 21st. Zacks Investment Research lowered Summit Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, January 3rd. Finally, SunTrust Banks, Inc. initiated coverage on Summit Materials in a research note on Friday, January 20th. They set a “buy” rating and a $30.00 price objective for the company.

In other Summit Materials news, EVP Damian John Murphy sold 32,033 shares of Summit Materials stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $24.09, for a total transaction of $771,674.97. Following the completion of the sale, the executive vice president now owns 34,941 shares of the company’s stock, valued at $841,728.69. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Thomas W. Hill sold 10,000 shares of Summit Materials stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $24.19, for a total value of $241,900.00. Following the sale, the insider now directly owns 10,150 shares of the company’s stock, valued at approximately $245,528.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 111,365 shares of company stock valued at $2,695,909. Corporate insiders own 4.49% of the company’s stock.

Large investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its stake in shares of Summit Materials by 78.3% in the second quarter. Public Employees Retirement System of Ohio now owns 99,882 shares of the company’s stock valued at $2,044,000 after buying an additional 43,849 shares during the period. Skylands Capital LLC purchased a new stake in shares of Summit Materials during the third quarter valued at about $1,219,000. Nationwide Fund Advisors raised its stake in shares of Summit Materials by 20.8% in the third quarter. Nationwide Fund Advisors now owns 49,995 shares of the company’s stock valued at $927,000 after buying an additional 8,598 shares during the period. State of New Jersey Common Pension Fund D raised its stake in shares of Summit Materials by 31.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 625,600 shares of the company’s stock valued at $11,605,000 after buying an additional 150,000 shares during the period. Finally, New Jersey Better Educational Savings Trust purchased a new stake in shares of Summit Materials during the third quarter valued at about $501,000. 78.73% of the stock is owned by hedge funds and other institutional investors.

Shares of Summit Materials (NYSE:SUM) opened at 23.36 on Thursday. Summit Materials has a 52 week low of $17.27 and a 52 week high of $26.46. The stock has a 50 day moving average price of $24.35 and a 200 day moving average price of $22.27. The firm has a market cap of $2.48 billion, a PE ratio of 43.99 and a beta of 2.28.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, February 22nd. The company reported $0.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by $0.04. The business had revenue of $387.40 million for the quarter, compared to the consensus estimate of $385.35 million. Summit Materials had a net margin of 3.99% and a return on equity of 17.05%. Summit Materials’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.34 EPS. Equities analysts expect that Summit Materials will post $1.29 earnings per share for the current year.

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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.

5 Day Chart for NYSE:SUM

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