Summit Materials Inc (NYSE:SUM)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $24.57 and last traded at $24.40, with a volume of 308239 shares trading hands. The stock had previously closed at $24.11.
SUM has been the topic of a number of research analyst reports. DA Davidson lifted their target price on Summit Materials to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Stifel Nicolaus set a $28.00 price target on shares of Summit Materials and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Barclays set a $22.00 price target on shares of Summit Materials and gave the company a “hold” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. lifted their price objective on shares of Summit Materials from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Finally, ValuEngine cut shares of Summit Materials from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $24.13.
The company has a debt-to-equity ratio of 1.35, a current ratio of 2.34 and a quick ratio of 1.75. The firm has a fifty day simple moving average of $23.17 and a 200 day simple moving average of $20.08. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 162.73 and a beta of 2.16.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.20). The firm had revenue of $665.85 million during the quarter, compared to analyst estimates of $674.18 million. Summit Materials had a return on equity of 1.40% and a net margin of 0.20%. Summit Materials’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.54 earnings per share. Analysts expect that Summit Materials Inc will post 0.43 earnings per share for the current year.
In related news, insider Anne Lee Benedict sold 3,011 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $23.20, for a total transaction of $69,855.20. Following the completion of the transaction, the insider now directly owns 8,698 shares in the company, valued at approximately $201,793.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Raymond Murphy sold 7,809 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $22.94, for a total transaction of $179,138.46. Following the transaction, the director now owns 7,494 shares of the company’s stock, valued at $171,912.36. The disclosure for this sale can be found here. Insiders sold a total of 415,051 shares of company stock worth $9,793,345 in the last quarter. Insiders own 1.76% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of SUM. Eagle Asset Management Inc. increased its stake in Summit Materials by 2.9% during the second quarter. Eagle Asset Management Inc. now owns 3,221,682 shares of the construction company’s stock valued at $62,017,000 after acquiring an additional 90,210 shares during the period. Aperio Group LLC raised its holdings in Summit Materials by 3.4% during the 2nd quarter. Aperio Group LLC now owns 53,824 shares of the construction company’s stock worth $1,036,000 after purchasing an additional 1,795 shares during the last quarter. Public Employees Retirement Association of Colorado raised its holdings in Summit Materials by 60.9% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 900,371 shares of the construction company’s stock worth $17,332,000 after purchasing an additional 340,914 shares during the last quarter. Rhumbline Advisers lifted its position in Summit Materials by 5.5% during the 3rd quarter. Rhumbline Advisers now owns 178,482 shares of the construction company’s stock valued at $3,962,000 after purchasing an additional 9,262 shares during the period. Finally, Tower Research Capital LLC TRC acquired a new position in Summit Materials during the 3rd quarter valued at about $64,000.
About Summit Materials (NYSE:SUM)
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
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