Summit Materials (NYSE:SUM) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research note issued on Saturday, Zacks.com reports.
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. "
Several other equities analysts also recently weighed in on SUM. JPMorgan Chase & Co. raised their price target on Summit Materials from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, January 22nd. UBS Group began coverage on Summit Materials in a report on Tuesday, December 8th. They set a "sell" rating and a $16.00 price target for the company. Stephens upgraded Summit Materials from an "equal weight" rating to an "overweight" rating and set a $25.00 price target for the company in a report on Wednesday, January 6th. Finally, Morgan Stanley raised their price target on Summit Materials from $24.00 to $25.00 and gave the company an "equal weight" rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of "Buy" and a consensus target price of $21.13.
SUM opened at $27.71 on Friday. The stock has a fifty day simple moving average of $23.81 and a two-hundred day simple moving average of $19.46. The company has a current ratio of 2.43, a quick ratio of 1.84 and a debt-to-equity ratio of 1.21. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 23.09 and a beta of 1.37. Summit Materials has a 12-month low of $7.51 and a 12-month high of $29.30.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Tuesday, February 23rd. The construction company reported $0.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.08. The business had revenue of $624.63 million during the quarter, compared to the consensus estimate of $510.86 million. Summit Materials had a return on equity of 9.41% and a net margin of 6.12%. The firm's quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.62 earnings per share. On average, analysts predict that Summit Materials will post 0.73 EPS for the current year.
In other news, Director Joseph S. Cantie bought 5,100 shares of the company's stock in a transaction on Friday, December 18th. The shares were acquired at an average cost of $19.66 per share, with a total value of $100,266.00. Following the completion of the transaction, the director now owns 20,947 shares of the company's stock, valued at approximately $411,818.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.54% of the company's stock.
A number of large investors have recently made changes to their positions in SUM. International Assets Investment Management LLC purchased a new position in Summit Materials in the fourth quarter worth about $38,000. Exane Derivatives boosted its position in Summit Materials by 73.8% in the fourth quarter. Exane Derivatives now owns 2,548 shares of the construction company's stock worth $51,000 after purchasing an additional 1,082 shares during the last quarter. Neo Ivy Capital Management purchased a new position in Summit Materials in the fourth quarter worth about $53,000. US Bancorp DE boosted its position in Summit Materials by 196.6% in the fourth quarter. US Bancorp DE now owns 3,889 shares of the construction company's stock worth $78,000 after purchasing an additional 2,578 shares during the last quarter. Finally, NEXT Financial Group Inc purchased a new position in Summit Materials in the third quarter worth about $90,000.
About Summit Materials
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates through three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
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