Brokerages Set Summit Materials, Inc. (SUM) PT at $28.50

Shares of Summit Materials, Inc. (NYSE:SUM) have received a consensus recommendation of “Buy” from the eleven analysts that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $30.33.

A number of research analysts recently issued reports on the stock. BidaskClub raised shares of Summit Materials from a “strong sell” rating to a “sell” rating in a research note on Thursday. Royal Bank Of Canada reissued an “outperform” rating and issued a $35.00 price objective (up from $33.00) on shares of Summit Materials in a research note on Wednesday. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a research note on Thursday, August 3rd.

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In other Summit Materials news, insider Anne Lee Benedict sold 21,147 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $29.27, for a total transaction of $618,972.69. Following the sale, the insider now owns 20,448 shares of the company’s stock, valued at $598,512.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Thomas W. Hill sold 250,000 shares of the business’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $29.30, for a total transaction of $7,325,000.00. Following the sale, the insider now directly owns 70,610 shares in the company, valued at approximately $2,068,873. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 386,447 shares of company stock worth $11,165,775. Insiders own 1.97% of the company’s stock.

Several institutional investors have recently modified their holdings of SUM. Renaissance Technologies LLC acquired a new position in shares of Summit Materials during the fourth quarter worth approximately $3,681,000. FMR LLC acquired a new position in shares of Summit Materials during the fourth quarter worth approximately $9,801,000. BP Capital Fund Advisors LLC acquired a new position in shares of Summit Materials during the first quarter worth approximately $3,181,000. State Street Corp raised its position in shares of Summit Materials by 13.3% in the fourth quarter. State Street Corp now owns 1,367,678 shares of the construction company’s stock worth $32,538,000 after buying an additional 160,522 shares during the period. Finally, AQR Capital Management LLC acquired a new position in shares of Summit Materials during the fourth quarter worth approximately $344,000.

Summit Materials (NYSE SUM) opened at 28.60 on Monday. The stock has a 50 day moving average price of $28.75 and a 200 day moving average price of $26.35. The firm has a market capitalization of $3.07 billion, a P/E ratio of 63.56 and a beta of 2.06. Summit Materials has a one year low of $17.48 and a one year high of $29.72.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by $0.09. The firm had revenue of $478.37 million during 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 business’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the business earned $0.46 earnings per share. On average, equities analysts predict that Summit Materials will post $1.23 EPS for the current fiscal year.

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.