Goldman Sachs Group Inc. downgraded shares of Summit Materials Inc. (NYSE:SUM) from a buy rating to a neutral rating in a research note published on Tuesday morning. Goldman Sachs Group Inc. currently has $21.00 price objective on the stock, down from their prior price objective of $22.00.
A number of other research firms also recently commented on SUM. Citigroup Inc. lifted their target price on Summit Materials from $25.00 to $26.00 and gave the stock a buy rating in a report on Thursday, August 4th. Zacks Investment Research raised Summit Materials from a hold rating to a buy rating and set a $21.00 target price for the company in a report on Thursday, October 6th. DA Davidson reaffirmed a buy rating and set a $27.00 target price on shares of Summit Materials in a report on Wednesday, August 31st. Finally, Bank of America Corp. reaffirmed a buy rating on shares of Summit Materials in a report on Friday, June 17th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Summit Materials presently has an average rating of Buy and an average target price of $23.43.
Shares of Summit Materials (NYSE:SUM) opened at 18.98 on Tuesday. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 57.00 and a beta of 2.07. The firm’s 50-day moving average is $18.93 and its 200-day moving average is $20.37. Summit Materials has a one year low of $13.12 and a one year high of $24.60.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.47 by $0.01. The business earned $412.60 million during the quarter, compared to analyst estimates of $417.14 million. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. Summit Materials’s revenue was up 22.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.01) EPS. Equities research analysts forecast that Summit Materials will post $0.10 EPS for the current year.
In other Summit Materials news, insider Thomas W. Hill sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $17.87, for a total value of $178,700.00. Following the completion of the transaction, the insider now directly owns 10,150 shares of the company’s stock, valued at $181,380.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Holdings L.P. Blackstone II sold 12,209,704 shares of the business’s stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total value of $252,374,581.68. The disclosure for this sale can be found here. 4.49% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Japan Co. Ltd increased its position in shares of Summit Materials by 34.2% in the second quarter. BlackRock Japan Co. Ltd now owns 5,179 shares of the company’s stock worth $106,000 after buying an additional 1,321 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in Summit Materials by 154.8% in the third quarter. BNP Paribas Arbitrage SA now owns 6,299 shares of the company’s stock worth $117,000 after buying an additional 3,827 shares during the period. Pacad Investment Ltd. acquired a new stake in Summit Materials during the second quarter worth approximately $133,000. Teacher Retirement System of Texas boosted its stake in Summit Materials by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 8,410 shares of the company’s stock worth $172,000 after buying an additional 2,310 shares during the period. Finally, Sei Investments Co. boosted its stake in Summit Materials by 29.4% in the second quarter. Sei Investments Co. now owns 10,565 shares of the company’s stock worth $216,000 after buying an additional 2,399 shares during the period. 87.79% of the stock is owned by institutional investors.
About Summit Materials
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.
Receive News & Ratings for Summit Materials Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials Inc. and related companies with MarketBeat.com's FREE daily email newsletter.