Zacks Investment Research Downgrades Summit Materials, Inc. (NYSE:SUM) to Sell

Summit Materials, Inc. (NYSE:SUM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday, July 14th.

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. “

A number of other equities analysts have also weighed in on SUM. Cleveland Research reiterated a “buy” rating on shares of Summit Materials in a report on Friday, March 31st. TheStreet upgraded shares of Summit Materials from a “c” rating to a “b-” rating in a report on Tuesday, March 28th. Longbow Research began coverage on shares of Summit Materials in a report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price target on the stock. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $33.00 target price on shares of Summit Materials in a report on Monday, June 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Summit Materials has an average rating of “Buy” and an average price target of $30.43.

Summit Materials (NYSE:SUM) opened at 28.15 on Friday. Summit Materials has a 12-month low of $17.48 and a 12-month high of $29.72. The company has a 50-day moving average price of $28.76 and a 200-day moving average price 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 results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.09. The company had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.46 EPS. On average, analysts predict that Summit Materials will post $1.23 earnings per share for the current year.

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In other news, insider Douglas Charles Rauh sold 19,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $26.81, for a total value of $509,390.00. Following the completion of the sale, 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 through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $26.94, for a total transaction of $336,750.00. Following the completion of the sale, the insider now directly owns 20,610 shares of the company’s stock, valued at approximately $555,233.40. The disclosure for this sale can be found here. Insiders have sold a total of 486,447 shares of company stock worth $14,034,775 in the last ninety days. 1.97% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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 valued at $111,000 after buying an additional 1,819 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of 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 in the last quarter. Strs Ohio acquired a new stake in shares of Summit Materials during the first quarter worth $192,000. Teacher Retirement System of Texas acquired a new stake in shares of Summit Materials during the first quarter worth $209,000. Finally, ARP Americas LLC acquired a new stake in shares of Summit Materials during the second quarter worth $211,000.

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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