StockNews.com began coverage on shares of Summit Materials (NYSE:SUM – Get Free Report) in a research note issued to investors on Monday. The brokerage set a “sell” rating on the construction company’s stock.
A number of other equities analysts have also recently commented on SUM. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Citigroup reissued a “neutral” rating and set a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. DA Davidson boosted their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $50.54.
Read Our Latest Research Report on SUM
Summit Materials Price Performance
Summit Materials (NYSE:SUM – Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. Equities research analysts expect that Summit Materials will post 1.66 EPS for the current year.
Insider Activity at Summit Materials
In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.55% of the stock is currently owned by corporate insiders.
Institutional Trading of Summit Materials
A number of institutional investors and hedge funds have recently bought and sold shares of SUM. Versant Capital Management Inc increased its holdings in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Summit Materials in the 3rd quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials in the 3rd quarter worth about $28,000. Toth Financial Advisory Corp lifted its stake in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares during the last quarter.
About Summit Materials
Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.
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