Summit Materials (SUM) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Summit Materials (NYSE:SUM) from a strong sell rating to a hold rating in a research report released on Friday morning.
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 brokerages also recently issued reports on SUM. Canaccord Genuity reiterated a buy rating and set a $12.50 price target on shares of Summit Materials in a report on Wednesday, November 8th. Barclays initiated coverage on shares of Summit Materials in a report on Tuesday, December 12th. They set an equal weight rating and a $32.00 price target for the company. SunTrust Banks set a $38.00 price target on shares of Summit Materials and gave the stock a buy rating in a report on Tuesday, October 24th. Royal Bank of Canada reiterated a buy rating on shares of Summit Materials in a report on Thursday, November 2nd. Finally, Bank of America boosted their price objective on shares of Summit Materials from $33.00 to $34.00 and gave the stock a neutral rating in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Summit Materials has an average rating of Buy and a consensus price target of $31.50.
Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.10). The firm had revenue of $634.18 million for the quarter, compared to analyst estimates of $558.93 million. Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.73 earnings per share. equities analysts expect that Summit Materials will post 0.97 earnings per share for the current year.
In related news, insider Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $32.12, for a total value of $401,500.00. Following the sale, the insider now owns 139,310 shares of the company’s stock, valued at $4,474,637.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Douglas Charles Rauh sold 26,324 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $31.36, for a total transaction of $825,520.64. Following the completion of the sale, the insider now directly owns 18,724 shares in the company, valued at approximately $587,184.64. The disclosure for this sale can be found here. In the last three months, insiders sold 203,942 shares of company stock worth $6,396,392. 1.97% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of SUM. Janus Henderson Group PLC bought a new stake in Summit Materials during the second quarter valued at $121,836,000. FMR LLC boosted its position in shares of Summit Materials by 616.9% during the 2nd quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock worth $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 2nd quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock worth $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 3rd quarter. Jennison Associates LLC now owns 5,193,672 shares of the construction company’s stock worth $166,353,000 after purchasing an additional 1,285,287 shares in the last quarter. Finally, Banbury Partners LLC bought a new position in shares of Summit Materials during the 3rd quarter worth about $28,025,000.
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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