Summit Materials (SUM) Receives New Coverage from Analysts at Barclays
Equities researchers at Barclays began coverage on shares of Summit Materials (NYSE:SUM) in a note issued to investors on Tuesday. The firm set an “equal weight” rating and a $32.00 price target on the construction company’s stock. Barclays’ price target suggests a potential upside of 2.60% from the stock’s previous close.
A number of other equities analysts have also recently commented on the company. Canaccord Genuity reaffirmed a “buy” rating and issued a $12.50 price target on shares of Summit Materials in a research note on Wednesday, November 8th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Summit Materials in a research note on Thursday, November 2nd. Bank of America boosted their target price on Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. SunTrust Banks set a $38.00 target price on Summit Materials and gave the company a “buy” rating in a research note on Tuesday, October 24th. Finally, Zacks Investment Research cut Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $31.50.
Shares of Summit Materials (NYSE SUM) traded down $0.32 during trading on Tuesday, reaching $31.19. The company’s stock had a trading volume of 1,415,000 shares, compared to its average volume of 1,453,908. The company has a quick ratio of 2.01, a current ratio of 2.59 and a debt-to-equity ratio of 1.48. The stock has a market cap of $3,465.77, a PE ratio of 34.73, a P/E/G ratio of 2.97 and a beta of 1.97. Summit Materials has a 1-year low of $22.19 and a 1-year high of $32.69.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). The company had revenue of $634.18 million during the quarter, compared to analysts’ expectations of $558.93 million. Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. Summit Materials’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period last year, the firm earned $0.73 earnings per share. sell-side analysts forecast that Summit Materials will post 1.01 earnings per share for the current year.
In other news, insider Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $32.12, for a total transaction of $401,500.00. Following the transaction, the insider now directly owns 139,310 shares of the company’s stock, valued at $4,474,637.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas Charles Rauh sold 26,324 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $31.36, for a total value of $825,520.64. Following the transaction, the insider now directly owns 18,724 shares in the company, valued at $587,184.64. The disclosure for this sale can be found here. Insiders have sold 119,678 shares of company stock worth $3,697,101 over the last three months. Insiders own 1.97% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SUM. Janus Henderson Group PLC bought a new stake in shares of Summit Materials during the second quarter valued at approximately $121,836,000. FMR LLC boosted its position in shares of Summit Materials by 616.9% during the second quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock valued at $87,021,000 after purchasing an additional 2,593,803 shares in the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Summit Materials by 110.7% during the second quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock valued at $86,306,000 after purchasing an additional 1,570,803 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Summit Materials by 32.9% during the third quarter. Jennison Associates LLC now owns 5,193,672 shares of the construction company’s stock valued at $166,353,000 after purchasing an additional 1,285,287 shares in the last quarter. Finally, Banbury Partners LLC bought a new stake in shares of Summit Materials during the third quarter valued at approximately $28,025,000.
About Summit Materials
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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