Zacks Investment Research cut shares of Summit Materials, Inc. (NYSE:SUM) from a hold rating to a sell rating in a report released on Friday.
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. “
Other equities research analysts have also recently issued research reports about the company. BidaskClub cut Summit Materials from a buy rating to a hold rating in a report on Thursday, June 22nd. TheStreet upgraded Summit Materials from a c rating to a b- rating in a report on Tuesday, March 28th. Longbow Research started coverage on Summit Materials in a report on Thursday, June 8th. They issued a buy rating and a $34.00 price target on the stock. Royal Bank Of Canada restated a buy rating and issued a $33.00 price target on shares of Summit Materials in a report on Monday, June 19th. Finally, Cleveland Research restated a buy rating on shares of Summit Materials in a report on Friday, March 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Summit Materials has an average rating of Buy and an average target price of $28.86.
Shares of Summit Materials (NYSE:SUM) traded down 0.77% during mid-day trading on Friday, reaching $28.38. The company’s stock had a trading volume of 1,204,161 shares. Summit Materials has a 1-year low of $17.27 and a 1-year high of $29.67. The company’s 50 day moving average price is $27.60 and its 200-day moving average price is $25.35. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 430.00 and a beta of 2.09.
Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, May 3rd. The construction company reported ($0.50) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by $0.02. Summit Materials had a return on equity of 10.00% and a net margin of 0.33%. The business had revenue of $259 million for the quarter, compared to analyst estimates of $233.63 million. During the same quarter in the previous year, the firm posted ($0.42) EPS. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. Analysts predict that Summit Materials will post $1.37 earnings per share for the current fiscal year.
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In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Wednesday, April 26th. The stock was sold at an average price of $26.08, for a total transaction of $326,000.00. Following the sale, the insider now owns 20,610 shares in the company, valued at approximately $537,508.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mikel Shane Evans sold 37,200 shares of the stock in a transaction on Friday, May 5th. The shares were sold at an average price of $28.57, for a total value of $1,062,804.00. Following the sale, the insider now owns 38,993 shares in the company, valued at approximately $1,114,030.01. The disclosure for this sale can be found here. In the last quarter, insiders have sold 278,554 shares of company stock worth $7,781,167. 1.97% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in SUM. Vanguard Group Inc. raised its position in shares of Summit Materials by 19.9% in the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock worth $208,882,000 after buying an additional 1,402,233 shares in the last quarter. BlackRock Inc. raised its position in shares of Summit Materials by 57,208.1% in the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock worth $185,890,000 after buying an additional 7,509,709 shares in the last quarter. Janus Capital Management LLC raised its position in shares of Summit Materials by 11.3% in the first quarter. Janus Capital Management LLC now owns 4,076,189 shares of the construction company’s stock worth $100,723,000 after buying an additional 412,239 shares in the last quarter. Levin Capital Strategies L.P. raised its position in shares of Summit Materials by 22.6% in the first quarter. Levin Capital Strategies L.P. now owns 3,521,385 shares of the construction company’s stock worth $87,013,000 after buying an additional 649,603 shares in the last quarter. Finally, TimesSquare Capital Management LLC raised its position in shares of Summit Materials by 70.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,993,886 shares of the construction company’s stock worth $73,979,000 after buying an additional 1,242,505 shares in the last quarter.
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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