Summit Materials, Inc. (NYSE:SUM) Downgraded by BidaskClub to Hold

BidaskClub lowered shares of Summit Materials, Inc. (NYSE:SUM) from a buy rating to a hold rating in a research note published on Friday morning.

Other equities research analysts also recently issued research reports about the stock. TheStreet raised shares of Summit Materials from a c rating to a b- rating in a research note on Tuesday, March 28th. Cleveland Research reissued a buy rating on shares of Summit Materials in a research note on Friday, March 31st. Royal Bank Of Canada reissued a buy rating and issued a $33.00 target price on shares of Summit Materials in a research note on Monday, June 19th. Longbow Research started coverage on shares of Summit Materials in a research note on Thursday, June 8th. They issued a buy rating and a $34.00 target price on the stock. Finally, Zacks Investment Research raised shares of Summit Materials from a sell rating to a buy rating and set a $31.00 target price on the stock in a research note on Tuesday, May 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $28.86.

Summit Materials (NYSE SUM) traded down 0.77% during trading on Friday, hitting $28.38. 1,204,161 shares of the company’s stock were exchanged. Summit Materials has a 52-week low of $17.27 and a 52-week high of $29.67. The firm has a 50 day moving average price of $27.60 and a 200 day moving average price of $25.35. The company has a market cap of $3.02 billion, a price-to-earnings ratio of 430.00 and a beta of 2.09.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, May 3rd. The construction company reported ($0.50) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by $0.02. Summit Materials had a net margin of 0.33% and a return on equity of 10.00%. The firm had revenue of $259 million during the quarter, compared to analysts’ expectations of $233.63 million. During the same period in the prior year, the company posted ($0.42) EPS. The company’s revenue was up 24.5% compared to the same quarter last year. On average, equities research analysts predict that Summit Materials will post $1.37 earnings per share for the current year.

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In other Summit Materials news, insider Douglas Charles Rauh sold 19,000 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $26.81, for a total transaction of $509,390.00. Following the transaction, the insider now owns 26,313 shares of the company’s stock, valued at approximately $705,451.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $29.22, for a total transaction of $365,250.00. Following the transaction, the insider now directly owns 20,610 shares in the company, valued at approximately $602,224.20. The disclosure for this sale can be found here. Insiders sold a total of 278,554 shares of company stock worth $7,781,167 in the last ninety days. 1.97% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock worth $111,000 after buying an additional 1,819 shares during the period. SG Americas Securities LLC increased its position in Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after buying an additional 1,589 shares during the period. Strs Ohio purchased a new stake in Summit Materials during the first quarter worth $192,000. Teacher Retirement System of Texas purchased a new stake in Summit Materials during the first quarter worth $209,000. Finally, Ameritas Investment Partners Inc. purchased a new stake in Summit Materials during the first quarter worth $221,000.

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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