Summit Materials Inc (NYSE:SUM) has been given an average recommendation of “Buy” by the fifteen analysts that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $33.55.
SUM has been the subject of a number of research analyst reports. TheStreet upgraded shares of Summit Materials from a “c” rating to a “b” rating in a report on Monday, March 19th. Citigroup raised their target price on shares of Summit Materials from $37.00 to $39.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Zacks Investment Research upgraded shares of Summit Materials from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a report on Thursday, May 10th. ValuEngine upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, Goldman Sachs Group upgraded shares of Summit Materials from a “neutral” rating to a “buy” rating in a report on Monday, February 26th.
Shares of Summit Materials traded down $0.26, reaching $28.04, during trading hours on Friday, according to MarketBeat.com. The company had a trading volume of 121,879 shares, compared to its average volume of 1,293,092. The company has a quick ratio of 1.37, a current ratio of 2.17 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $3.22 billion, a PE ratio of 30.22, a P/E/G ratio of 1.81 and a beta of 1.73. Summit Materials has a 12-month low of $26.25 and a 12-month high of $34.06.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Tuesday, May 8th. The construction company reported ($0.55) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.59) by $0.04. The business had revenue of $289.92 million during the quarter, compared to the consensus estimate of $297.51 million. Summit Materials had a net margin of 6.03% and a return on equity of 10.20%. The business’s revenue was up 11.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.49) EPS. research analysts anticipate that Summit Materials will post 1.52 EPS for the current year.
In other news, insider Anne Lee Benedict sold 10,000 shares of Summit Materials stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $32.57, for a total transaction of $325,700.00. Following the completion of the sale, the insider now directly owns 16,775 shares in the company, valued at $546,361.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas W. Hill sold 6,300 shares of Summit Materials stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $32.04, for a total transaction of $201,852.00. Following the sale, the chief executive officer now owns 152,846 shares of the company’s stock, valued at $4,897,185.84. The disclosure for this sale can be found here. Insiders have sold a total of 595,426 shares of company stock valued at $18,461,008 over the last 90 days. 1.50% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can grew its holdings in shares of Summit Materials by 310.5% during the fourth quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock worth $104,000 after buying an additional 2,515 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Summit Materials during the first quarter worth about $123,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Summit Materials by 39.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock worth $220,000 after buying an additional 1,985 shares in the last quarter. Global X Management Co. LLC grew its holdings in shares of Summit Materials by 77.6% during the fourth quarter. Global X Management Co. LLC now owns 7,585 shares of the construction company’s stock worth $238,000 after buying an additional 3,315 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of Summit Materials during the first quarter worth about $244,000.
About Summit Materials
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.
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