Shares of Summit Materials Inc (NYSE:SUM) have been assigned an average recommendation of “Hold” from the sixteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $25.90.
A number of analysts recently issued reports on the stock. Cfra upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Wednesday, October 30th. Deutsche Bank began coverage on shares of Summit Materials in a research report on Wednesday, November 27th. They set a “buy” rating and a $32.00 target price on the stock. 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. BNP Paribas began coverage on shares of Summit Materials in a report on Wednesday, October 9th. They issued an “outperform” rating on the stock. Finally, Goldman Sachs Group lowered shares of Summit Materials from a “neutral” rating to a “sell” rating and decreased their price target for the company from $24.00 to $22.00 in a report on Monday.
NYSE SUM traded up $0.06 during mid-day trading on Friday, reaching $23.42. 687,000 shares of the stock were exchanged, compared to its average volume of 845,000. Summit Materials has a 1-year low of $13.42 and a 1-year high of $25.22. The business’s fifty day simple moving average is $23.63 and its 200 day simple moving average is $21.77. The stock has a market capitalization of $2.60 billion, a PE ratio of 156.13 and a beta of 2.14. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.75 and a current ratio of 2.34.
Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.20). Summit Materials had a return on equity of 1.40% and a net margin of 0.20%. The firm had revenue of $665.85 million for the quarter, compared to analyst estimates of $674.18 million. During the same quarter last year, the business posted $0.54 EPS. The firm’s revenue was up 6.5% compared to the same quarter last year. On average, analysts anticipate that Summit Materials will post 0.43 EPS for the current year.
In related news, Director John Raymond Murphy sold 7,809 shares of Summit Materials 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 in the company, valued at approximately $171,912.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mikel Shane Evans sold 344,231 shares of Summit Materials stock in a transaction on Friday, November 1st. The shares were sold at an average price of $23.60, for a total transaction of $8,123,851.60. Following the transaction, the insider now owns 6,288 shares in the company, valued at approximately $148,396.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 415,051 shares of company stock worth $9,793,345. 1.76% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC acquired a new position in shares of Summit Materials during the 3rd quarter valued at $64,000. Strs Ohio acquired a new position in shares of Summit Materials during the 3rd quarter valued at $135,000. Venturi Wealth Management LLC acquired a new position in shares of Summit Materials during the 3rd quarter valued at $185,000. Cerebellum GP LLC acquired a new position in shares of Summit Materials during the 4th quarter valued at $248,000. Finally, HighTower Advisors LLC lifted its holdings in shares of Summit Materials by 8.0% during the 2nd quarter. HighTower Advisors LLC now owns 14,250 shares of the construction company’s stock valued at $275,000 after acquiring an additional 1,050 shares in the last quarter.
About Summit Materials
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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