Summit Materials (NYSE:SUM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $20.00 price objective on the construction company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 17.99% from the company’s previous close.
According to Zacks, “Summit Materials, Inc. is a construction material company. The company supplies aggregates, cement, ready-mix concrete and asphalt primarily in the United States and western Canada. Summit Materials, Inc. is headquartered in Denver, Colorado. “
Several other equities research analysts have also commented on SUM. Scotiabank restated a “hold” rating on shares of Summit Materials in a research note on Thursday, February 14th. Stifel Nicolaus restated a “buy” rating and issued a $23.00 price target on shares of Summit Materials in a research note on Wednesday, December 19th. DA Davidson dropped their price target on shares of Summit Materials to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, January 2nd. Finally, Citigroup dropped their price target on shares of Summit Materials from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, January 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $22.56.
NYSE SUM traded down $0.60 during trading hours on Wednesday, reaching $16.95. The company’s stock had a trading volume of 18,914 shares, compared to its average volume of 1,396,967. The company has a quick ratio of 1.45, a current ratio of 2.27 and a debt-to-equity ratio of 1.35. Summit Materials has a 52 week low of $11.25 and a 52 week high of $31.57. The stock has a market capitalization of $1.96 billion, a P/E ratio of 113.27, a P/E/G ratio of 1.86 and a beta of 1.91.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, February 6th. The construction company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.20). Summit Materials had a return on equity of 1.34% and a net margin of 1.68%. The business had revenue of $491.00 million during the quarter, compared to the consensus estimate of $459.58 million. During the same period in the prior year, the business earned $0.43 EPS. The business’s revenue was up .2% on a year-over-year basis. As a group, equities research analysts expect that Summit Materials will post 0.87 earnings per share for the current year.
In other Summit Materials news, CEO Thomas W. Hill purchased 31,250 shares of the firm’s stock in a transaction on Friday, February 15th. The shares were purchased at an average price of $16.25 per share, for a total transaction of $507,812.50. Following the completion of the transaction, the chief executive officer now owns 135,652 shares in the company, valued at approximately $2,204,345. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Pearl River Capital LLC acquired a new stake in shares of Summit Materials in the 4th quarter valued at $26,000. Bank of Montreal Can raised its holdings in Summit Materials by 42.8% in the 4th quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock worth $136,000 after acquiring an additional 3,275 shares during the period. Xact Kapitalforvaltning AB raised its holdings in Summit Materials by 21.6% in the 4th quarter. Xact Kapitalforvaltning AB now owns 21,364 shares of the construction company’s stock worth $265,000 after acquiring an additional 3,800 shares during the period. Oppenheimer Asset Management Inc. bought a new position in Summit Materials in the 4th quarter worth $64,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Summit Materials by 18.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,742 shares of the construction company’s stock worth $418,000 after acquiring an additional 5,330 shares during the period.
Summit Materials Company Profile
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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