Summit Materials, Inc. (NYSE:SUM) Rating Lowered to Hold at BidaskClub

Summit Materials, Inc. (NYSE:SUM) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Friday, July 14th.

Several other equities analysts have also recently issued reports on SUM. Zacks Investment Research cut Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, March 22nd. Cleveland Research reaffirmed a “buy” rating on shares of Summit Materials in a research report on Friday, March 31st. TheStreet raised Summit Materials from a “c” rating to a “b-” rating in a research report on Tuesday, March 28th. Longbow Research assumed coverage on Summit Materials in a research report on Thursday, June 8th. They issued a “buy” rating and a $34.00 target price on the stock. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $33.00 target price on shares of Summit Materials in a research report on Monday, June 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $30.43.

Summit Materials (NYSE:SUM) opened at 28.15 on Friday. Summit Materials has a one year low of $17.48 and a one year high of $29.72. The stock has a 50 day moving average of $28.76 and a 200-day moving average of $26.37. The firm has a market capitalization of $3.03 billion, a PE ratio of 62.56 and a beta of 2.06.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.09. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The firm had revenue of $478.37 million for the quarter, compared to the consensus estimate of $469.91 million. During the same quarter last year, the business earned $0.46 earnings per share. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities analysts predict that Summit Materials will post $1.23 EPS for the current year.

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In other news, insider Douglas Charles Rauh sold 100,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $28.69, for a total transaction of $2,869,000.00. Following the transaction, the insider now directly owns 43,051 shares of the company’s stock, valued at $1,235,133.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $26.94, for a total value of $336,750.00. Following the transaction, the insider now directly owns 20,610 shares in the company, valued at $555,233.40. The disclosure for this sale can be found here. Insiders have sold 486,447 shares of company stock worth $14,034,775 over the last three months. Corporate insiders own 1.97% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of 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 raised 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 last quarter. Strs Ohio purchased a new position in Summit Materials during the first quarter worth about $192,000. Teacher Retirement System of Texas purchased a new position in Summit Materials during the first quarter worth about $209,000. Finally, ARP Americas LLC purchased a new position in Summit Materials during the second quarter worth about $211,000.

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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