Zacks Investment Research upgraded shares of Summit Materials (NYSE:SUM) from a sell rating to a hold rating in a report issued on Wednesday morning.
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 also recently issued reports on the company. Barclays started coverage on Summit Materials in a research note on Tuesday, December 12th. They set an equal weight rating and a $32.00 price target for the company. Royal Bank of Canada reiterated a buy rating on shares of Summit Materials in a research note on Thursday, November 2nd. Bank of America lifted their price target on Summit Materials from $33.00 to $34.00 and gave the company a neutral rating in a research note on Tuesday, October 31st. Canaccord Genuity reiterated a buy rating and set a $12.50 price target on shares of Summit Materials in a research note on Wednesday, November 8th. Finally, SunTrust Banks set a $38.00 target price on shares of Summit Materials and gave the stock a buy rating in a research report on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Summit Materials currently has an average rating of Buy and an average target price of $32.44.
Summit Materials (NYSE:SUM) last released its quarterly 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). The company had revenue of $634.18 million for the quarter, compared to analyst estimates of $558.93 million. Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. Summit Materials’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.73 EPS. equities research analysts expect that Summit Materials will post 0.98 earnings per share for the current fiscal year.
In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $30.26, for a total transaction of $378,250.00. Following the transaction, the insider now owns 126,810 shares of the company’s stock, valued at approximately $3,837,270.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Damian John Murphy sold 115,118 shares of Summit Materials stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $31.75, for a total transaction of $3,654,996.50. Following the transaction, the executive vice president now directly owns 66,440 shares in the company, valued at approximately $2,109,470. The disclosure for this sale can be found here. In the last three months, insiders have sold 196,418 shares of company stock worth $6,149,549. Insiders own 1.97% of the company’s stock.
Several large investors have recently bought and sold shares of SUM. Prudential Financial Inc. raised its holdings in shares of Summit Materials by 34.5% in the 2nd quarter. Prudential Financial Inc. now owns 15,785 shares of the construction company’s stock worth $456,000 after purchasing an additional 4,050 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Summit Materials by 4.6% in the 2nd quarter. Wells Fargo & Company MN now owns 220,214 shares of the construction company’s stock worth $6,357,000 after purchasing an additional 9,642 shares during the period. TIAA CREF Investment Management LLC raised its holdings in shares of Summit Materials by 4.5% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 364,814 shares of the construction company’s stock worth $10,532,000 after purchasing an additional 15,816 shares during the period. Amalgamated Bank raised its holdings in shares of Summit Materials by 5.5% in the 2nd quarter. Amalgamated Bank now owns 12,940 shares of the construction company’s stock worth $374,000 after purchasing an additional 672 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Summit Materials by 13,842.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,596 shares of the construction company’s stock worth $306,000 after purchasing an additional 10,520 shares during the period.
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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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