Zacks Investment Research upgraded shares of Summit Materials (NYSE:SUM) from a hold rating to a buy rating in a report published on Wednesday. They currently have $20.00 price objective on the construction company’s stock.
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. “
SUM has been the subject of a number of other reports. DA Davidson cut their target price on Summit Materials to $20.00 and set a buy rating for the company in a research report on Wednesday, January 2nd. Citigroup cut their target price on Summit Materials from $21.00 to $18.00 and set a buy rating for the company in a research report on Friday, January 4th. Scotiabank reiterated a hold rating on shares of Summit Materials in a research report on Thursday, February 14th. Finally, Stifel Nicolaus reiterated a buy rating and set a $23.00 target price on shares of Summit Materials in a research report on Wednesday, December 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. Summit Materials presently has an average rating of Buy and a consensus target price of $22.20.
SUM opened at $15.89 on Wednesday. The firm has a market capitalization of $1.94 billion, a P/E ratio of 105.93, a PEG ratio of 1.82 and a beta of 1.91. Summit Materials has a 1 year low of $11.25 and a 1 year high of $31.36. 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 (NYSE:SUM) last released its earnings results on Wednesday, February 6th. The construction company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.20). The company had revenue of $491.00 million for the quarter, compared to the consensus estimate of $459.58 million. Summit Materials had a net margin of 1.68% and a return on equity of 1.34%. The business’s revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 earnings per share. On average, research analysts expect that Summit Materials will post 0.87 EPS for the current fiscal year.
In other Summit Materials news, CEO Thomas W. Hill acquired 31,250 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The stock was acquired at an average cost of $16.25 per share, for a total transaction of $507,812.50. Following the transaction, the chief executive officer now directly owns 135,652 shares in the company, valued at $2,204,345. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in SUM. Pearl River Capital LLC bought a new stake in shares of Summit Materials during the 4th quarter worth $26,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Summit Materials during the 4th quarter worth $64,000. Bank of Montreal Can lifted its position in shares of Summit Materials by 42.8% during the 4th quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock worth $136,000 after buying an additional 3,275 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Summit Materials during the 4th quarter worth $139,000. Finally, HRT Financial LLC bought a new stake in shares of Summit Materials during the 4th quarter worth $143,000.
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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