Royal Bank of Canada Reiterates $37.00 Price Target for Summit Materials (SUM)

Royal Bank of Canada set a $37.00 price objective on Summit Materials (NYSE:SUM) in a report issued on Thursday morning. The firm currently has a buy rating on the construction company’s stock.

Other research analysts have also issued research reports about the company. Barclays began coverage on Summit Materials in a report on Tuesday, December 12th. They issued an equal weight rating and a $32.00 target price on the stock. Canaccord Genuity restated a buy rating and issued a $12.50 target price on shares of Summit Materials in a report on Wednesday, November 8th. Deutsche Bank raised their target price on Summit Materials from $35.00 to $38.00 and gave the company a buy rating in a report on Thursday. Zacks Investment Research lowered Summit Materials from a hold rating to a sell rating in a report on Tuesday, February 13th. Finally, TheStreet lowered Summit Materials from a b rating to a c rating in a report on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $33.28.

Summit Materials (NYSE SUM) opened at $32.65 on Thursday. The stock has a market capitalization of $3,720.00 and a P/E ratio of -37.97. The company has a quick ratio of 2.01, a current ratio of 3.13 and a debt-to-equity ratio of 1.42. Summit Materials has a fifty-two week low of $22.19 and a fifty-two week high of $34.06.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, February 14th. The construction company reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.24. Summit Materials had a return on equity of 11.51% and a net margin of 6.19%. The company had revenue of $490.02 million for the quarter, compared to analyst estimates of $449.45 million. During the same quarter last year, the company earned $0.06 earnings per share. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. equities analysts expect that Summit Materials will post 1.49 EPS for the current year.

In related news, EVP Damian John Murphy sold 115,118 shares of the stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $31.75, for a total transaction of $3,654,996.50. Following the completion of the sale, the executive vice president now directly owns 66,440 shares of the company’s stock, valued at $2,109,470. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $28.85, for a total value of $360,625.00. Following the sale, the insider now directly owns 160,548 shares of the company’s stock, valued at $4,631,809.80. The disclosure for this sale can be found here. Insiders have sold 196,418 shares of company stock valued at $6,131,924 over the last ninety days. 1.97% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of Montreal Can increased its position 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 valued at $104,000 after acquiring an additional 2,515 shares during the last quarter. First Manhattan Co. purchased a new stake in Summit Materials in the third quarter worth $160,000. Cubist Systematic Strategies LLC purchased a new stake in Summit Materials in the third quarter worth $180,000. Daiwa Securities Group Inc. purchased a new stake in Summit Materials in the third quarter worth $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Summit Materials by 39.6% in 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 during the last quarter.

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Summit Materials Company Profile

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)

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Royal Bank of Canada Reiterates $37.00 Price Target for Summit Materials (SUM)

Royal Bank of Canada set a $37.00 price target on Summit Materials (NYSE:SUM) in a report issued on Thursday morning. The brokerage currently has a buy rating on the construction company’s stock.

Several other research firms have also recently commented on SUM. Canaccord Genuity reaffirmed a buy rating and set a $12.50 target price on shares of Summit Materials in a research note on Wednesday, November 8th. Citigroup raised their target price on Summit Materials from $37.00 to $39.00 and gave the stock a buy rating in a research note on Thursday, January 25th. Barclays initiated coverage on Summit Materials in a research note on Tuesday, December 12th. They set an equal weight rating and a $32.00 target price for the company. SunTrust Banks set a $38.00 target price on Summit Materials and gave the stock a buy rating in a research note on Tuesday, October 24th. Finally, Zacks Investment Research raised Summit Materials from a strong sell rating to a hold rating in a research note on Friday, January 5th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $33.28.

Shares of Summit Materials (NYSE:SUM) opened at $32.65 on Thursday. Summit Materials has a one year low of $22.19 and a one year high of $34.06. The firm has a market capitalization of $3,720.00 and a PE ratio of -37.97. The company has a debt-to-equity ratio of 1.42, a current ratio of 3.13 and a quick ratio of 2.01.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, February 14th. The construction company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.22 by $0.24. Summit Materials had a return on equity of 11.51% and a net margin of 6.19%. The business had revenue of $490.02 million during the quarter, compared to analysts’ expectations of $449.45 million. During the same quarter last year, the firm posted $0.06 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. sell-side analysts expect that Summit Materials will post 1.49 EPS for the current year.

In other Summit Materials news, EVP Damian John Murphy sold 115,118 shares of the stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $31.75, for a total value of $3,654,996.50. Following the transaction, the executive vice president now owns 66,440 shares in the company, valued at $2,109,470. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $29.80, for a total value of $372,500.00. Following the completion of the transaction, the insider now owns 214,310 shares in the company, valued at approximately $6,386,438. The disclosure for this sale can be found here. In the last quarter, insiders sold 196,418 shares of company stock worth $6,131,924. Corporate insiders own 1.97% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. boosted its holdings in Summit Materials by 4.9% in the second quarter. Ameritas Investment Partners Inc. now owns 9,400 shares of the construction company’s stock worth $271,000 after acquiring an additional 443 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its holdings in Summit Materials by 5.6% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 33,036 shares of the construction company’s stock worth $1,039,000 after acquiring an additional 1,753 shares in the last quarter. State of Tennessee Treasury Department boosted its holdings in Summit Materials by 1.4% in the fourth quarter. State of Tennessee Treasury Department now owns 130,230 shares of the construction company’s stock worth $4,094,000 after acquiring an additional 1,798 shares in the last quarter. Covenant Asset Management LLC boosted its holdings in Summit Materials by 4.4% in the fourth quarter. Covenant Asset Management LLC now owns 43,912 shares of the construction company’s stock worth $1,381,000 after acquiring an additional 1,860 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Summit Materials by 39.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock worth $220,000 after acquiring an additional 1,985 shares in the last quarter.

COPYRIGHT VIOLATION NOTICE: “Royal Bank of Canada Reiterates $37.00 Price Target for Summit Materials (SUM)” was posted by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this article on another website, it was illegally copied and republished in violation of international trademark and copyright laws. The original version of this article can be read at https://stocknewstimes.com/2018/02/19/royal-bank-of-canada-reiterates-37-00-price-target-for-summit-materials-sum.html.

Summit Materials Company Profile

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

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