DA Davidson reissued their buy rating on shares of Summit Materials Inc. (NYSE:SUM) in a research report sent to investors on Sunday morning. DA Davidson currently has a $27.00 price objective on the stock.
SUM has been the subject of several other research reports. Zacks Investment Research upgraded shares of Summit Materials from a hold rating to a buy rating and set a $21.00 price objective for the company in a research report on Thursday. Bank of America Corp. reiterated a buy rating on shares of Summit Materials in a research report on Friday, June 17th. Finally, Citigroup Inc. upped their price target on shares of Summit Materials from $25.00 to $26.00 and gave the company a buy rating in a research report on Thursday, August 4th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of Buy and a consensus price target of $24.00.
Shares of Summit Materials (NYSE:SUM) opened at 18.77 on Friday. The stock has a 50 day moving average of $19.11 and a 200 day moving average of $20.39. Summit Materials has a 12 month low of $13.12 and a 12 month high of $24.97. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 56.37 and a beta of 2.07.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data 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 company had revenue of $412.60 million for the quarter, compared to analysts’ expectations of $417.14 million. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) EPS. On average, equities research analysts expect that Summit Materials will post $0.10 EPS for the current fiscal year.
In other Summit Materials news, CEO Thomas W. Hill sold 10,000 shares of the company’s stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $21.45, for a total transaction of $214,500.00. Following the completion of the transaction, the chief executive officer now owns 10,150 shares in the company, valued at approximately $217,717.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas W. Hill sold 183,581 shares of the company’s stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $20.74, for a total transaction of $3,807,469.94. Following the transaction, the insider now owns 10,150 shares of the company’s stock, valued at approximately $210,511. The disclosure for this sale can be found here. Company insiders own 4.49% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. Artemis Investment Management LLP purchased a new position in shares of Summit Materials during the second quarter worth approximately $14,581,000. Quadrature Capital Ltd purchased a new position in shares of Summit Materials during the first quarter worth approximately $391,000. BlackRock Institutional Trust Company N.A. increased its position in shares of Summit Materials by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,177,843 shares of the company’s stock worth $22,909,000 after buying an additional 14,798 shares during the last quarter. Turner Investments L.P. increased its position in shares of Summit Materials by 34.0% in the second quarter. Turner Investments L.P. now owns 33,510 shares of the company’s stock worth $686,000 after buying an additional 8,510 shares during the last quarter. Finally, Bogle Investment Management L P DE purchased a new position in shares of Summit Materials during the first quarter worth approximately $247,000. Institutional investors own 87.79% of the company’s stock.
Summit Materials Company Profile
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.