Summit Materials (SUM) Lowered to Hold at ValuEngine

ValuEngine cut shares of Summit Materials (NYSE:SUM) from a buy rating to a hold rating in a research report report published on Friday morning.

A number of other equities analysts have also commented on SUM. Zacks Investment Research upgraded shares of Summit Materials from a hold rating to a buy rating and set a $33.00 price objective for the company in a research report on Thursday, May 10th. Jefferies Group began coverage on shares of Summit Materials in a research report on Tuesday, April 17th. They issued a buy rating and a $36.00 price objective for the company. TheStreet upgraded shares of Summit Materials from a c rating to a b rating in a research report on Monday, March 19th. Royal Bank of Canada set a $37.00 price objective on shares of Summit Materials and gave the company a buy rating in a research report on Thursday, February 15th. Finally, Deutsche Bank raised their price objective on shares of Summit Materials from $35.00 to $38.00 and gave the company a buy rating in a research report on Thursday, February 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $33.50.

Shares of Summit Materials opened at $29.05 on Friday, MarketBeat.com reports. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.17 and a quick ratio of 1.37. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of 31.24, a price-to-earnings-growth ratio of 1.81 and a beta of 1.73. Summit Materials has a twelve month low of $26.25 and a twelve month high of $34.06.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Tuesday, May 8th. The construction company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.04. Summit Materials had a net margin of 6.03% and a return on equity of 10.20%. The company had revenue of $289.92 million during the quarter, compared to analyst estimates of $297.51 million. During the same period last year, the business earned ($0.49) earnings per share. Summit Materials’s revenue was up 11.9% compared to the same quarter last year. analysts predict that Summit Materials will post 1.52 EPS for the current fiscal year.

In related news, insider Anne Lee Benedict sold 26,167 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $32.32, for a total value of $845,717.44. Following the sale, the insider now directly owns 27,258 shares of the company’s stock, valued at $880,978.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Raymond Murphy sold 7,657 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $32.43, for a total transaction of $248,316.51. The disclosure for this sale can be found here. Insiders sold 590,583 shares of company stock worth $18,346,949 over the last ninety days. 1.50% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Swiss National Bank raised its stake in Summit Materials by 4.7% in the fourth quarter. Swiss National Bank now owns 185,659 shares of the construction company’s stock valued at $5,837,000 after purchasing an additional 8,263 shares in the last quarter. California Public Employees Retirement System raised its stake in Summit Materials by 4.6% in the fourth quarter. California Public Employees Retirement System now owns 221,762 shares of the construction company’s stock valued at $6,972,000 after purchasing an additional 9,762 shares in the last quarter. BlackRock Inc. raised its stake in Summit Materials by 5.3% in the fourth quarter. BlackRock Inc. now owns 7,056,682 shares of the construction company’s stock valued at $221,864,000 after purchasing an additional 355,922 shares in the last quarter. Pier Capital LLC raised its stake in Summit Materials by 98.6% in the fourth quarter. Pier Capital LLC now owns 194,077 shares of the construction company’s stock valued at $6,102,000 after purchasing an additional 96,370 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in Summit Materials by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 174,502 shares of the construction company’s stock valued at $5,486,000 after purchasing an additional 3,057 shares in the last quarter.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Summit Materials (NYSE:SUM)

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