Barclays started coverage on shares of Summit Materials (NYSE:SUM) in a research report released on Tuesday, MarketBeat.com reports. The brokerage issued an equal weight rating and a $32.00 price target on the construction company’s stock.
Other research analysts have also issued reports about the stock. SunTrust Banks set a $38.00 price objective on shares of Summit Materials and gave the stock a buy rating in a research note on Tuesday, October 24th. Canaccord Genuity reissued a buy rating and set a $12.50 target price on shares of Summit Materials in a research note on Wednesday, November 8th. Royal Bank of Canada reissued a buy rating on shares of Summit Materials in a research note on Thursday, November 2nd. Bank of America boosted their target price on shares of Summit Materials from $33.00 to $34.00 and gave the company a neutral rating in a research note on Tuesday, October 31st. Finally, Zacks Investment Research lowered shares of Summit Materials from a hold rating to a sell rating in a research note on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of Hold and an average target price of $31.50.
Summit Materials (NYSE:SUM) traded down $0.88 during midday trading on Tuesday, reaching $30.22. 981,000 shares of the company’s stock traded hands, compared to its average volume of 1,450,319. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.59 and a quick ratio of 2.01. The stock has a market capitalization of $3,420.68, a price-to-earnings ratio of 34.28, a price-to-earnings-growth ratio of 2.93 and a beta of 1.97. Summit Materials has a 52 week low of $22.19 and a 52 week high of $32.69.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.10). The firm had revenue of $634.18 million for the quarter, compared to analysts’ expectations of $558.93 million. Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.73 earnings per share. research analysts anticipate that Summit Materials will post 1.01 EPS for the current fiscal year.
In other news, insider Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $31.56, for a total transaction of $394,500.00. Following the completion of the sale, the insider now directly owns 164,310 shares of the company’s stock, valued at $5,185,623.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas Charles Rauh sold 26,324 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $31.36, for a total transaction of $825,520.64. Following the sale, the insider now directly owns 18,724 shares of the company’s stock, valued at $587,184.64. The disclosure for this sale can be found here. Insiders have sold 216,442 shares of company stock valued at $6,814,142 over the last three months. Insiders own 1.97% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. First Manhattan Co. purchased a new stake in Summit Materials in the third quarter worth about $160,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Summit Materials by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after acquiring an additional 510 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Summit Materials in the third quarter worth about $180,000. Daiwa Securities Group Inc. purchased a new stake in Summit Materials in the third quarter worth about $202,000. Finally, Engineers Gate Manager LP purchased a new stake in Summit Materials in the third quarter worth about $268,000.
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About Summit Materials
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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