Summit Materials, Inc. (SUM) Price Target Raised to $34.00

Summit Materials, Inc. (NYSE:SUM) had its price target raised by Bank of America Corporation from $33.00 to $34.00 in a research report report published on Tuesday. The brokerage currently has a neutral rating on the construction company’s stock.

A number of other research firms also recently issued reports on SUM. Stifel Nicolaus restated a buy rating and issued a $35.00 target price on shares of Summit Materials in a report on Thursday, August 3rd. BidaskClub upgraded shares of Summit Materials from a strong sell rating to a sell rating in a report on Thursday, August 10th. Zacks Investment Research upgraded shares of Summit Materials from a strong sell rating to a hold rating in a report on Saturday, August 5th. TheStreet upgraded shares of Summit Materials from a c+ rating to a b rating in a research note on Wednesday, August 2nd. Finally, SunTrust Banks, Inc. set a $38.00 price objective on shares of Summit Materials and gave the stock a buy rating in a research note on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $33.83.

Shares of Summit Materials (NYSE:SUM) opened at $30.89 on Tuesday. The company has a current ratio of 2.98, a quick ratio of 2.32 and a debt-to-equity ratio of 1.62. The firm has a market capitalization of $3,296.09, a price-to-earnings ratio of 33.33, a price-to-earnings-growth ratio of 2.81 and a beta of 2.04.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.10). Summit Materials had a net margin of 4.09% and a return on equity of 10.35%. The company had revenue of $634.18 million during the quarter, compared to analysts’ expectations of $558.93 million. During the same quarter in the previous year, the firm posted $0.73 earnings per share. Summit Materials’s revenue for the quarter was up 19.8% compared to the same quarter last year. research analysts anticipate that Summit Materials will post 1.04 EPS for the current fiscal year.

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In other news, insider Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $32.12, for a total transaction of $401,500.00. Following the transaction, the insider now directly owns 139,310 shares of the company’s stock, valued at $4,474,637.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Douglas Charles Rauh sold 26,324 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $31.36, for a total transaction of $825,520.64. Following the transaction, the insider now directly owns 18,724 shares in the company, valued at $587,184.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 621,610 shares of company stock worth $18,474,032. Corporate insiders own 1.97% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Teacher Retirement System of Texas raised its holdings in Summit Materials by 0.8% in the second quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock valued at $247,000 after acquiring an additional 64 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in Summit Materials by 4.4% in the second quarter. Venturi Wealth Management LLC now owns 8,541 shares of the construction company’s stock valued at $247,000 after acquiring an additional 360 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in Summit Materials by 4.9% in the second quarter. Ameritas Investment Partners Inc. now owns 9,400 shares of the construction company’s stock valued at $271,000 after acquiring an additional 443 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Summit Materials by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock valued at $145,000 after acquiring an additional 510 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in Summit Materials by 5.5% in the second quarter. Amalgamated Bank now owns 12,940 shares of the construction company’s stock valued at $374,000 after acquiring an additional 672 shares in the last quarter.

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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