Summit Materials (SUM) Stock Price Down 5.6%

Share on StockTwits

Summit Materials Inc (NYSE:SUM) was down 5.6% during mid-day trading on Thursday . The company traded as low as $15.36 and last traded at $15.38. Approximately 2,850,786 shares changed hands during mid-day trading, an increase of 69% from the average daily volume of 1,684,610 shares. The stock had previously closed at $16.30.

A number of equities research analysts have issued reports on SUM shares. DA Davidson set a $28.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a research report on Thursday. Royal Bank of Canada reiterated a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a research note on Sunday, July 1st. ValuEngine cut shares of Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 11th. TheStreet cut shares of Summit Materials from a “b” rating to a “c+” rating in a research note on Thursday, June 21st. Finally, Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. Summit Materials currently has a consensus rating of “Buy” and a consensus target price of $30.21.

The company has a current ratio of 2.07, a quick ratio of 1.26 and a debt-to-equity ratio of 1.41. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.77 and a beta of 1.52.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, August 1st. The construction company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.24). The company had revenue of $549.24 million during the quarter, compared to analysts’ expectations of $546.76 million. Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 earnings per share. As a group, analysts expect that Summit Materials Inc will post 0.98 EPS for the current fiscal year.

In related news, CEO Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, July 19th. The shares were sold at an average price of $26.10, for a total transaction of $326,250.00. Following the sale, the chief executive officer now directly owns 110,602 shares in the company, valued at approximately $2,886,712.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Karl Watson purchased 35,500 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The shares were acquired at an average price of $21.15 per share, for a total transaction of $750,825.00. Following the completion of the purchase, the chief operating officer now directly owns 23,700 shares in the company, valued at approximately $501,255. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can increased its holdings in Summit Materials by 55.1% during the 2nd quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after acquiring an additional 2,025 shares during the period. Cubist Systematic Strategies LLC increased its holdings in Summit Materials by 626.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after acquiring an additional 7,420 shares during the period. GSA Capital Partners LLP bought a new stake in Summit Materials during the 1st quarter worth approximately $244,000. Quantitative Systematic Strategies LLC bought a new stake in Summit Materials during the 2nd quarter worth approximately $312,000. Finally, Xact Kapitalforvaltning AB increased its holdings in Summit Materials by 57.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 14,264 shares of the construction company’s stock worth $432,000 after acquiring an additional 5,200 shares during the period.

About Summit Materials (NYSE:SUM)

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.

Recommended Story: What is the Dividend Aristocrat Index?

Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Analysts Anticipate Stanley Black & Decker, Inc.  to Post $2.02 EPS
Analysts Anticipate Stanley Black & Decker, Inc. to Post $2.02 EPS
Kansas City Southern  Posts Quarterly  Earnings Results, Hits Estimates
Kansas City Southern Posts Quarterly Earnings Results, Hits Estimates
Rhythm Pharmaceuticals  Stock Rating Upgraded by ValuEngine
Rhythm Pharmaceuticals Stock Rating Upgraded by ValuEngine
Knowles  Earns Buy Rating from Robert W. Baird
Knowles Earns Buy Rating from Robert W. Baird
FibroGen  Upgraded at Zacks Investment Research
FibroGen Upgraded at Zacks Investment Research
United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Has $23.68 Million Holdings in The Coca-Cola Co
United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Has $23.68 Million Holdings in The Coca-Cola Co


Leave a Reply

© 2006-2018 Ticker Report. Google+.