Royal Bank Of Canada Reaffirms “Buy” Rating for Summit Materials, Inc. (NYSE:SUM)

Royal Bank Of Canada restated their buy rating on shares of Summit Materials, Inc. (NYSE:SUM) in a research note released on Thursday, November 2nd.

Other research analysts also recently issued reports about the company. BidaskClub downgraded Summit Materials from a hold rating to a sell rating in a report on Thursday, July 20th. Zacks Investment Research raised Summit Materials from a strong sell rating to a hold rating in a report on Saturday, August 5th. Stifel Nicolaus reaffirmed a buy rating and set a $35.00 target price on shares of Summit Materials in a report on Thursday, August 3rd. SunTrust Banks, Inc. set a $38.00 price objective on shares of Summit Materials and gave the company a buy rating in a research note on Tuesday, October 24th. Finally, Bank of America Corporation lifted their price target on shares of Summit Materials from $33.00 to $34.00 and gave the stock a neutral rating in a report on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $31.42.

Summit Materials (NYSE:SUM) opened at $29.55 on Thursday. Summit Materials has a 12 month low of $22.19 and a 12 month high of $32.69. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.59 and a quick ratio of 2.01. The company has a market capitalization of $3,200.00 and a PE ratio of 32.04.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.10). Summit Materials had a net margin of 12.94% and a return on equity of 27.56%. The firm had revenue of $634.18 million for the quarter, compared to the consensus estimate of $558.93 million. During the same quarter in the prior year, the firm earned $0.73 earnings per share. The company’s revenue was up 19.8% on a year-over-year basis. research analysts predict that Summit Materials will post 1.02 EPS for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Royal Bank Of Canada Reaffirms “Buy” Rating for Summit Materials, Inc. (NYSE:SUM)” was posted by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this report on another site, it was illegally stolen and reposted in violation of international trademark & copyright law. The legal version of this report can be read at https://stocknewstimes.com/2017/11/21/royal-bank-of-canada-reaffirms-buy-rating-for-summit-materials-inc-sum.html.

In other news, insider Douglas Charles Rauh sold 14,574 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $30.00, for a total value of $437,220.00. Following the transaction, the insider now directly owns 21,887 shares in the company, valued at $656,610. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $30.26, for a total transaction of $378,250.00. Following the completion of the transaction, the insider now owns 126,810 shares in the company, valued at $3,837,270.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 271,610 shares of company stock valued at $8,301,282. Corporate insiders own 1.97% of the company’s stock.

Several institutional investors have recently made changes to their positions in SUM. Teacher Retirement System of Texas increased its holdings in Summit Materials by 0.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock worth $247,000 after buying an additional 64 shares during the period. Venturi Wealth Management LLC increased its position in shares of Summit Materials by 4.4% during the 2nd quarter. Venturi Wealth Management LLC now owns 8,541 shares of the construction company’s stock worth $247,000 after purchasing an additional 360 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in Summit Materials by 4.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,400 shares of the construction company’s stock valued at $271,000 after acquiring an additional 443 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Summit Materials by 11.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock valued at $145,000 after acquiring an additional 510 shares in the last quarter. Finally, Amalgamated Bank grew its position in Summit Materials by 5.5% in the 2nd quarter. Amalgamated Bank now owns 12,940 shares of the construction company’s stock valued at $374,000 after acquiring an additional 672 shares in the last quarter.

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.

Analyst Recommendations for Summit Materials (NYSE:SUM)

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

Latest News

Leave a Reply