Zacks Investment Research Lowers Summit Materials Inc (SUM) to Sell

Zacks Investment Research lowered shares of Summit Materials Inc (NYSE:SUM) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

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. “

SUM has been the subject of several other research reports. SunTrust Banks, Inc. started coverage on shares of Summit Materials in a report on Friday, January 20th. They set a buy rating and a $30.00 price target for the company. TheStreet raised shares of Summit Materials from a sell rating to a hold rating in a report on Wednesday, December 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $25.17.

Analyst Recommendations for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM) opened at 23.30 on Wednesday. Summit Materials has a 12-month low of $17.27 and a 12-month high of $26.46. The stock has a market capitalization of $2.47 billion, a P/E ratio of 43.88 and a beta of 2.28. The firm’s 50-day moving average is $24.00 and its 200 day moving average is $22.46.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, February 22nd. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.25 by $0.04. Summit Materials had a net margin of 3.99% and a return on equity of 17.05%. The business had revenue of $387.40 million for the quarter, compared to the consensus estimate of $385.35 million. During the same quarter in the previous year, the firm earned $0.34 EPS. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. Equities research analysts anticipate that Summit Materials will post $1.29 earnings per share for the current year.

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In other news, insider Thomas W. Hill sold 10,000 shares of the business’s stock in a transaction on Thursday, January 5th. The shares were sold at an average price of $24.57, for a total transaction of $245,700.00. Following the completion of the transaction, the insider now owns 10,150 shares of the company’s stock, valued at $249,385.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Damian John Murphy sold 32,033 shares of the business’s stock in a transaction on Thursday, March 16th. The shares were sold at an average price of $24.09, for a total transaction of $771,674.97. Following the transaction, the executive vice president now directly owns 34,941 shares of the company’s stock, valued at approximately $841,728.69. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,865 shares of company stock valued at $2,747,509. Corporate insiders own 4.49% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Two Sigma Investments LP increased its position in shares of Summit Materials by 2,816.2% in the fourth quarter. Two Sigma Investments LP now owns 542,422 shares of the company’s stock valued at $12,904,000 after buying an additional 523,822 shares during the period. BlackRock Fund Advisors increased its position in shares of Summit Materials by 28.3% in the third quarter. BlackRock Fund Advisors now owns 1,959,225 shares of the company’s stock valued at $36,344,000 after buying an additional 432,126 shares during the period. Royce & Associates LP purchased a new position in shares of Summit Materials during the fourth quarter valued at about $2,564,000. BlackRock Institutional Trust Company N.A. increased its position in shares of Summit Materials by 15.5% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,869,303 shares of the company’s stock valued at $34,676,000 after buying an additional 251,469 shares during the period. Finally, Citadel Advisors LLC increased its position in shares of Summit Materials by 147.2% in the third quarter. Citadel Advisors LLC now owns 2,897,119 shares of the company’s stock valued at $53,741,000 after buying an additional 1,725,230 shares during the period. 78.73% 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.

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