Summit Materials, Inc. (NYSE:SUM) Price Target Increased to $35.00 by Analysts at Royal Bank Of Canada

Summit Materials, Inc. (NYSE:SUM) had its price target lifted by research analysts at Royal Bank Of Canada from $33.00 to $35.00 in a report released on Thursday, August 3rd, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the construction company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 22.38% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $35.00 target price on shares of Summit Materials in a research report on Thursday, August 3rd. BidaskClub raised Summit Materials from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Longbow Research initiated coverage on Summit Materials in a research report on Thursday, June 8th. They set a “buy” rating and a $34.00 target price on the stock. Zacks Investment Research raised Summit Materials from a “sell” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Tuesday, May 9th. Finally, TheStreet cut Summit Materials from a “b-” rating to a “c” rating in a research report on Wednesday, May 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. Summit Materials currently has a consensus rating of “Buy” and an average target price of $30.43.

Shares of Summit Materials (NYSE:SUM) traded up 0.35% on Thursday, reaching $28.70. The company’s stock had a trading volume of 282,505 shares. The firm has a 50-day moving average price of $28.75 and a 200 day moving average price of $26.42. Summit Materials has a one year low of $17.27 and a one year high of $29.72. The firm has a market capitalization of $3.09 billion, a PE ratio of 63.78 and a beta of 2.06.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by $0.09. The company had revenue of $478.37 million for the quarter, compared to the consensus estimate of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the business posted $0.46 EPS. On average, analysts anticipate that Summit Materials will post $1.23 earnings per share for the current fiscal year.

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In other news, CEO Thomas W. Hill sold 6,300 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 20,610 shares in the company, valued at approximately $592,331.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $26.94, for a total value of $336,750.00. Following the sale, the insider now owns 20,610 shares of the company’s stock, valued at approximately $555,233.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 498,947 shares of company stock valued at $14,391,775. Company insiders own 1.97% of the company’s stock.

A number of institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP purchased a new position in shares of Summit Materials during the fourth quarter worth about $6,225,000. FMR LLC purchased a new position in shares of Summit Materials during the fourth quarter worth about $9,801,000. Renaissance Technologies LLC purchased a new position in shares of Summit Materials during the fourth quarter worth about $3,681,000. AQR Capital Management LLC purchased a new position in shares of Summit Materials during the fourth quarter worth about $344,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Summit Materials during the fourth quarter worth about $671,000.

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.