Stock analysts at Jefferies Group initiated coverage on shares of Summit Materials (NYSE:SUM) in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage set a “buy” rating on the construction company’s stock.
SUM has been the topic of a number of other reports. Zacks Investment Research lowered Summit Materials from a “hold” rating to a “sell” rating in a report on Tuesday, February 13th. TheStreet lowered Summit Materials from a “b” rating to a “c” rating in a report on Thursday, February 8th. Deutsche Bank boosted their price target on Summit Materials from $35.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, February 15th. Royal Bank of Canada set a $37.00 price target on Summit Materials and gave the company a “buy” rating in a report on Thursday, February 15th. Finally, Goldman Sachs upgraded Summit Materials from a “neutral” rating to a “buy” rating in a report on Monday, February 26th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $33.28.
SUM stock opened at $28.97 on Tuesday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 2.40 and a current ratio of 3.13. The stock has a market cap of $3,155.33, a price-to-earnings ratio of 31.15, a price-to-earnings-growth ratio of 1.81 and a beta of 1.71. Summit Materials has a 1-year low of $24.48 and a 1-year high of $34.06.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.24. The company had revenue of $490.02 million for the quarter, compared to analyst estimates of $449.45 million. Summit Materials had a return on equity of 11.51% and a net margin of 6.19%. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 earnings per share. analysts predict that Summit Materials will post 1.51 earnings per share for the current year.
In related news, CEO Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction dated Thursday, April 12th. The stock was sold at an average price of $29.30, for a total value of $366,250.00. Following the sale, the chief executive officer now owns 123,102 shares of the company’s stock, valued at $3,606,888.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Anne Lee Benedict sold 26,167 shares of Summit Materials stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $32.32, for a total value of $845,717.44. Following the completion of the sale, the insider now directly owns 27,258 shares in the company, valued at approximately $880,978.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 601,883 shares of company stock worth $18,734,101. Corporate insiders own 1.50% of the company’s stock.
Several large investors have recently added to or reduced their stakes in SUM. Legal & General Group Plc increased its position in shares of Summit Materials by 6.0% in the third quarter. Legal & General Group Plc now owns 90,409 shares of the construction company’s stock valued at $2,895,000 after acquiring an additional 5,096 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Summit Materials by 10.7% in the third quarter. Wells Fargo & Company MN now owns 243,721 shares of the construction company’s stock valued at $7,806,000 after acquiring an additional 23,507 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Summit Materials by 8.7% in the third quarter. Schwab Charles Investment Management Inc. now owns 527,495 shares of the construction company’s stock valued at $16,896,000 after acquiring an additional 42,184 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Summit Materials by 13.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,362,472 shares of the construction company’s stock valued at $43,640,000 after acquiring an additional 157,773 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Summit Materials in the third quarter valued at about $416,000.
Summit Materials Company Profile
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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