Summit Materials Inc (NYSE:SUM) has been assigned a consensus recommendation of “Buy” from the eighteen brokerages that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation, eleven have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $19.92.
Several brokerages recently weighed in on SUM. ValuEngine cut Summit Materials from a “hold” rating to a “sell” rating in a research note on Thursday, July 23rd. Citigroup raised their target price on Summit Materials from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Loop Capital raised Summit Materials from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Thursday, July 23rd. JPMorgan Chase & Co. raised Summit Materials from a “neutral” rating to an “overweight” rating and upped their target price for the company from $19.00 to $20.00 in a report on Thursday, August 6th. Finally, Cfra raised Summit Materials from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 22nd.
NYSE SUM traded down $0.26 during trading hours on Wednesday, hitting $16.90. The company had a trading volume of 4,918 shares, compared to its average volume of 1,215,013. Summit Materials has a fifty-two week low of $7.51 and a fifty-two week high of $25.22. The company has a quick ratio of 1.75, a current ratio of 2.44 and a debt-to-equity ratio of 1.28. The business has a fifty day simple moving average of $15.93 and a 200-day simple moving average of $15.21. The firm has a market cap of $1.96 billion, a P/E ratio of 18.99 and a beta of 1.63.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Tuesday, July 21st. The construction company reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.25. Summit Materials had a return on equity of 9.31% and a net margin of 4.53%. The company had revenue of $575.24 million during the quarter, compared to analysts’ expectations of $549.90 million. Equities analysts forecast that Summit Materials will post 0.9 EPS for the current fiscal year.
In other Summit Materials news, CEO Anne P. Noonan acquired 66,000 shares of the company’s stock in a transaction on Friday, September 4th. The shares were purchased at an average price of $15.24 per share, for a total transaction of $1,005,840.00. Following the completion of the purchase, the chief executive officer now directly owns 66,000 shares of the company’s stock, valued at $1,005,840. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.54% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Summit Materials by 19.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,638 shares of the construction company’s stock worth $130,000 after buying an additional 1,431 shares in the last quarter. US Bancorp DE lifted its stake in Summit Materials by 24.3% in the 2nd quarter. US Bancorp DE now owns 7,972 shares of the construction company’s stock worth $128,000 after purchasing an additional 1,561 shares in the last quarter. Advisor Group Holdings Inc. lifted its stake in Summit Materials by 15.6% in the 2nd quarter. Advisor Group Holdings Inc. now owns 13,254 shares of the construction company’s stock worth $212,000 after purchasing an additional 1,786 shares in the last quarter. Strs Ohio lifted its stake in Summit Materials by 105.9% in the 2nd quarter. Strs Ohio now owns 3,500 shares of the construction company’s stock worth $56,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Summit Materials by 13.8% in the 1st quarter. Russell Investments Group Ltd. now owns 14,997 shares of the construction company’s stock worth $221,000 after purchasing an additional 1,820 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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