Shares of Summit Materials Inc (NYSE:SUM) have been assigned a consensus recommendation of "Buy" from the eighteen analysts that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $19.92.
Several research firms have weighed in on SUM. ValuEngine downgraded shares of Summit Materials from a "hold" rating to a "sell" rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. upgraded shares of Summit Materials from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $19.00 to $20.00 in a research note on Thursday, August 6th. Cfra upgraded shares of Summit Materials from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Loop Capital upgraded shares of Summit Materials from a "hold" rating to a "buy" rating and set a $23.00 price objective for the company in a research note on Thursday, July 23rd. Finally, Citigroup lifted their price objective on shares of Summit Materials from $19.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd.
Shares of Summit Materials stock traded down $0.26 on Wednesday, reaching $16.90. The stock had a trading volume of 4,918 shares, compared to its average volume of 1,215,013. The company has a 50 day moving average price of $15.93 and a 200 day moving average price of $15.21. The company has a quick ratio of 1.75, a current ratio of 2.44 and a debt-to-equity ratio of 1.28. Summit Materials has a 1 year low of $7.51 and a 1 year high of $25.22. The stock has a market capitalization of $1.96 billion, a P/E ratio of 19.28 and a beta of 1.63.
Summit Materials (NYSE:SUM) last released its earnings results on Tuesday, July 21st. The construction company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.25. The company had revenue of $575.24 million for 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%. On average, analysts forecast that Summit Materials will post 0.9 earnings per share for the current fiscal year.
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 bought at an average cost of $15.24 per share, for a total transaction of $1,005,840.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.54% of the company's stock.
A number of large investors have recently bought and sold shares of the business. Strs Ohio lifted its holdings in Summit Materials by 105.9% in the second quarter. Strs Ohio now owns 3,500 shares of the construction company's stock valued at $56,000 after acquiring an additional 1,800 shares during the period. US Bancorp DE lifted its position in Summit Materials by 248.0% during the 1st quarter. US Bancorp DE now owns 6,411 shares of the construction company's stock worth $96,000 after acquiring an additional 4,569 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Summit Materials by 19.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,638 shares of the construction company's stock worth $130,000 after acquiring an additional 1,431 shares in the last quarter. Mackenzie Financial Corp acquired a new position in Summit Materials during the 1st quarter worth approximately $151,000. Finally, Alberta Investment Management Corp acquired a new position in Summit Materials during the 2nd quarter worth approximately $167,000.
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 in 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.
See Also: Trading Penny Stocks
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
20 Stocks Wall Street Analysts Love the Most
Every trading day, between 500 and 800 new recommendations and research reports are issued by sell-side equities research analysts. There are between 300 and 500 brokerages and research houses that issue ratings, price targets and recommendations and more than 5,000 securities around the world that regularly receive coverage from research analysts.
MarketBeat has tracked more than 170,000 distinct analyst recommendations in the last 12 months alone. Given the volume of ratings changes that occur each day, it can be difficult to sift through the noise.
Analysts don't always get their "buy" ratings right, but it's worth taking a hard look when more than a dozen different analysts from different brokerages and research firm are giving "strong buy" and "buy" ratings to the same stock.
This slide show lists the 20 companies that have the highest average analyst recommendations from Wall Street's equities research analysts over the last 12 months.
View the "20 Stocks Wall Street Analysts Love the Most".