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. “
Other analysts also recently issued research reports about the stock. DA Davidson reissued a buy rating and issued a $27.00 price objective on shares of Summit Materials in a report on Wednesday, August 31st. Citigroup Inc. boosted their price objective on shares of Summit Materials from $25.00 to $26.00 and gave the company a buy rating in a report on Thursday, August 4th. Finally, Bank of America Corp. reissued a buy rating on shares of Summit Materials in a report on Friday, June 17th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $23.43.
Shares of Summit Materials (NYSE:SUM) opened at 18.78 on Friday. Summit Materials has a 12-month low of $13.12 and a 12-month high of $24.60. The firm’s 50-day moving average is $18.97 and its 200-day moving average is $20.38. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 56.40 and a beta of 2.07.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.01. The business earned $412.60 million during the quarter, compared to the consensus estimate of $417.14 million. Summit Materials had a net margin of 2.02% and a return on equity of 11.60%. The business’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.01) EPS. Analysts predict that Summit Materials will post $0.10 earnings per share for the current fiscal year.
In related news, insider Thomas W. Hill sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were 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 owns 10,150 shares of the company’s stock, valued at approximately $181,380.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Brian James Harris sold 30,000 shares of the stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total transaction of $620,100.00. Following the completion of the transaction, the chief financial officer now directly owns 55,825 shares of the company’s stock, valued at approximately $1,153,902.75. The disclosure for this sale can be found here. 4.49% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of 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 valued at $106,000 after buying an additional 1,321 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Summit Materials by 154.8% in the third quarter. BNP Paribas Arbitrage SA now owns 6,299 shares of the company’s stock valued at $117,000 after buying an additional 3,827 shares during the last quarter. Pacad Investment Ltd. bought a new position in shares of Summit Materials during the second quarter valued at approximately $133,000. Teacher Retirement System of Texas increased its position in shares of Summit Materials by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 8,410 shares of the company’s stock valued at $172,000 after buying an additional 2,310 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Summit Materials by 29.4% in the second quarter. Sei Investments Co. now owns 10,565 shares of the company’s stock valued at $216,000 after buying an additional 2,399 shares during the last quarter. 87.79% of the stock is owned by institutional investors and hedge funds.
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.
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