Stephens set a $21.00 price target on Summit Materials (NYSE:SUM) in a report issued on Wednesday. The firm currently has a buy rating on the construction company’s stock.
Other equities research analysts have also issued reports about the company. DA Davidson set a $28.00 price target on Summit Materials and gave the stock a buy rating in a research note on Thursday, October 11th. Citigroup dropped their price target on Summit Materials from $38.00 to $37.00 and set a $25.50 rating for the company in a research note on Monday, July 23rd. Zacks Investment Research upgraded Summit Materials from a strong sell rating to a hold rating in a research note on Friday, July 27th. Royal Bank of Canada dropped their price target on Summit Materials to $27.00 and set an outperform rating for the company in a research note on Thursday, August 2nd. Finally, ValuEngine lowered Summit Materials from a hold rating to a sell rating in a research note on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. Summit Materials currently has an average rating of Buy and a consensus price target of $29.96.
NYSE:SUM traded down $0.51 on Wednesday, hitting $14.32. 24,649 shares of the stock were exchanged, compared to its average volume of 1,705,991. The firm has a market capitalization of $2.03 billion, a PE ratio of 15.48, a P/E/G ratio of 1.77 and a beta of 1.52. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.07 and a quick ratio of 1.26. Summit Materials has a fifty-two week low of $14.65 and a fifty-two week high of $34.06.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, August 1st. The construction company reported $0.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.24). The firm had revenue of $549.24 million for the quarter, compared to analyst estimates of $546.76 million. Summit Materials had a return on equity of 8.54% and a net margin of 5.16%. The business’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.47 earnings per share. As a group, research analysts anticipate that Summit Materials will post 0.98 earnings per share for the current year.
In related news, COO Karl Watson bought 35,500 shares of the stock in a transaction dated Friday, August 3rd. The stock was acquired at an average price of $21.15 per share, for a total transaction of $750,825.00. Following the completion of the purchase, the chief operating officer now owns 23,700 shares in the company, valued at $501,255. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.50% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Bank of Montreal Can boosted its holdings in Summit Materials by 55.1% in the second quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock valued at $149,000 after purchasing an additional 2,025 shares during the last quarter. Cubist Systematic Strategies LLC boosted its holdings in Summit Materials by 626.2% in the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock valued at $226,000 after purchasing an additional 7,420 shares during the last quarter. Sheets Smith Wealth Management purchased a new position in Summit Materials in the third quarter valued at about $230,000. GSA Capital Partners LLP purchased a new position in Summit Materials in the first quarter valued at about $244,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in Summit Materials in the second quarter valued at about $312,000.
About Summit Materials
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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