Royal Bank of Canada set a $37.00 price objective on Summit Materials (NYSE:SUM) in a research note issued to investors on Thursday. The firm currently has a buy rating on the construction company’s stock.
Several other brokerages have also recently commented on SUM. Citigroup upped their target price on Summit Materials from $37.00 to $39.00 and gave the company a buy rating in a report on Thursday, January 25th. Deutsche Bank increased their price target on Summit Materials from $35.00 to $38.00 and gave the company a buy rating in a research report on Thursday. Zacks Investment Research raised Summit Materials from a sell rating to a hold rating in a research report on Wednesday, January 31st. SunTrust Banks set a $38.00 price target on Summit Materials and gave the company a buy rating in a research report on Tuesday, October 24th. Finally, Bank of America increased their price target on Summit Materials from $33.00 to $34.00 and gave the company a neutral rating in a research report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. The company has an average rating of Buy and a consensus target price of $33.28.
Shares of Summit Materials (NYSE:SUM) traded up $0.18 during mid-day trading on Thursday, reaching $32.64. The company had a trading volume of 1,166,646 shares, compared to its average volume of 1,313,344. Summit Materials has a 1-year low of $22.19 and a 1-year high of $34.06. The company has a market capitalization of $3,473.47, a PE ratio of 31.17, a PEG ratio of 2.06 and a beta of 1.81. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.59 and a quick ratio of 2.01.
Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, February 14th. The construction company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.24. Summit Materials had a return on equity of 11.88% and a net margin of 6.19%. The business had revenue of $490.02 million for the quarter, compared to analysts’ expectations of $449.45 million. During the same period in the prior year, the business posted $0.06 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. sell-side analysts predict that Summit Materials will post 1.46 earnings per share for the current year.
In other news, EVP Damian John Murphy sold 115,118 shares of the firm’s stock in a transaction 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 approximately $2,109,470. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $29.80, for a total value of $372,500.00. Following the sale, the insider now directly owns 214,310 shares of the company’s stock, valued at $6,386,438. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 196,418 shares of company stock valued at $6,131,924. Insiders own 1.97% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Summit Materials by 5.3% during the 4th quarter. BlackRock Inc. now owns 7,056,682 shares of the construction company’s stock valued at $221,864,000 after purchasing an additional 355,922 shares during the last quarter. Janus Henderson Group PLC increased its position in Summit Materials by 42.5% during the third quarter. Janus Henderson Group PLC now owns 6,012,622 shares of the construction company’s stock valued at $192,584,000 after acquiring an additional 1,792,448 shares during the last quarter. Jennison Associates LLC increased its position in Summit Materials by 11.9% in the fourth quarter. Jennison Associates LLC now owns 5,810,726 shares of the construction company’s stock worth $182,689,000 after buying an additional 617,054 shares in the last quarter. Westfield Capital Management Co. LP increased its position in Summit Materials by 11.9% in the third quarter. Westfield Capital Management Co. LP now owns 3,344,408 shares of the construction company’s stock worth $107,121,000 after buying an additional 354,922 shares in the last quarter. Finally, Bamco Inc. NY increased its position in Summit Materials by 8.9% in the third quarter. Bamco Inc. NY now owns 3,064,202 shares of the construction company’s stock worth $98,146,000 after buying an additional 250,000 shares in 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.
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