Summit Materials, Inc. (NYSE:SUM) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Friday, July 14th.
Several other research analysts have also recently commented on the stock. TheStreet upgraded shares of Summit Materials from a “c” rating to a “b-” rating in a research report on Tuesday, March 28th. Cleveland Research reaffirmed a “buy” rating on shares of Summit Materials in a research note on Friday, March 31st. Royal Bank Of Canada reissued a “buy” rating and set a $33.00 target price on shares of Summit Materials in a research note on Monday, June 19th. Longbow Research initiated coverage on shares of Summit Materials in a research note on Thursday, June 8th. They set a “buy” rating and a $34.00 target price for the company. Finally, Zacks Investment Research upgraded shares of Summit Materials from a “sell” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Tuesday, May 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $28.86.
Summit Materials (NYSE SUM) traded up 0.74% during mid-day trading on Friday, hitting $28.44. The stock had a trading volume of 880,878 shares. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 430.91 and a beta of 2.09. Summit Materials has a one year low of $17.27 and a one year high of $29.67. The company has a 50 day moving average price of $28.50 and a 200-day moving average price of $25.99.
Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, May 3rd. The construction company reported ($0.50) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by $0.02. Summit Materials had a return on equity of 10.00% and a net margin of 0.33%. The company had revenue of $259 million during the quarter, compared to the consensus estimate of $233.63 million. During the same period in the previous year, the firm posted ($0.42) EPS. Summit Materials’s revenue for the quarter was up 24.5% on a year-over-year basis. Equities analysts expect that Summit Materials will post $1.31 earnings per share for the current fiscal year.
In related news, EVP Damian John Murphy sold 98,510 shares of Summit Materials stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $28.18, for a total transaction of $2,776,011.80. Following the transaction, the executive vice president now owns 102,908 shares of the company’s stock, valued at approximately $2,899,947.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas W. Hill sold 6,300 shares of Summit Materials stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $28.74, for a total transaction of $181,062.00. Following the transaction, the chief executive officer now directly owns 20,610 shares in the company, valued at approximately $592,331.40. The disclosure for this sale can be found here. Insiders sold a total of 284,854 shares of company stock valued at $7,995,604 in the last 90 days. Corporate insiders own 1.97% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its position in shares of Summit Materials by 57,208.1% in the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock worth $185,890,000 after buying an additional 7,509,709 shares during the last quarter. Vanguard Group Inc. increased its position in Summit Materials by 19.9% in the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock valued at $208,882,000 after buying an additional 1,402,233 shares in the last quarter. TimesSquare Capital Management LLC increased its position in Summit Materials by 70.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,993,886 shares of the construction company’s stock valued at $73,979,000 after buying an additional 1,242,505 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Summit Materials during the second quarter valued at approximately $34,909,000. Finally, Epoch Investment Partners Inc. acquired a new stake in shares of Summit Materials during the first quarter worth about $26,076,000.
About Summit Materials
Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.
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