Summit Materials, Inc. (NYSE:SUM) - Equities research analysts at Jefferies Financial Group cut their FY2021 earnings per share (EPS) estimates for shares of Summit Materials in a report released on Wednesday, October 14th. Jefferies Financial Group analyst P. Ng now expects that the construction company will post earnings of $0.73 per share for the year, down from their previous forecast of $0.75.
Other research analysts have also issued reports about the company. JPMorgan Chase & Co. raised Summit Materials from a "neutral" rating to an "overweight" rating and upped their target price for the company from $19.00 to $20.00 in a research report on Thursday, August 6th. Citigroup upped their price objective on shares of Summit Materials from $19.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. ValuEngine raised shares of Summit Materials from a "sell" rating to a "hold" rating in a research report on Tuesday, October 6th. Zacks Investment Research raised shares of Summit Materials from a "hold" rating to a "strong-buy" rating and set a $19.00 target price on the stock in a research report on Tuesday, July 28th. Finally, SunTrust Banks upgraded shares of Summit Materials from a "hold" rating to a "buy" rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of "Buy" and a consensus target price of $20.07.
Summit Materials stock opened at $19.32 on Monday. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.44 and a quick ratio of 1.75. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 21.71 and a beta of 1.63. Summit Materials has a 1-year low of $7.51 and a 1-year high of $25.22. The business has a fifty day moving average price of $16.68 and a 200-day moving average price of $15.61. Summit Materials (NYSE:SUM) last announced its earnings results on Tuesday, July 21st. The construction company reported $0.50 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.25 by $0.25. The company had revenue of $575.24 million during the quarter, compared to the consensus estimate of $549.90 million. Summit Materials had a net margin of 4.53% and a return on equity of 9.31%.
A number of institutional investors have recently added to or reduced their stakes in SUM. Bowling Portfolio Management LLC purchased a new position in shares of Summit Materials during the 3rd quarter valued at approximately $379,000. Envestnet Asset Management Inc. increased its holdings in Summit Materials by 103.2% in the third quarter. Envestnet Asset Management Inc. now owns 51,739 shares of the construction company's stock valued at $856,000 after buying an additional 26,274 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Summit Materials by 3.2% in the second quarter. Principal Financial Group Inc. now owns 5,916,021 shares of the construction company's stock worth $95,130,000 after acquiring an additional 182,581 shares during the period. Handelsbanken Fonder AB acquired a new position in shares of Summit Materials in the second quarter worth about $344,000. Finally, Nuveen Asset Management LLC boosted its stake in shares of Summit Materials by 9.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,318,631 shares of the construction company's stock worth $53,364,000 after acquiring an additional 295,905 shares in the last quarter.
In related news, CEO Anne P. Noonan acquired 66,000 shares of Summit Materials stock in a transaction on Friday, September 4th. The stock was acquired at an average price of $15.24 per share, for a total transaction of $1,005,840.00. Following the purchase, the chief executive officer now owns 66,000 shares of the company's stock, valued at approximately $1,005,840. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.54% of the company's stock.
Summit Materials Company Profile
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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