Summit Materials (SUM) Upgraded to “Sell” by ValuEngine

Summit Materials (NYSE:SUM) was upgraded by research analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a note issued to investors on Tuesday.

SUM has been the subject of a number of other reports. Stifel Nicolaus dropped their price target on shares of Summit Materials from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, August 3rd. Zacks Investment Research upgraded shares of Summit Materials from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Thursday, May 10th. Citigroup dropped their price target on shares of Summit Materials from $38.00 to $37.00 and set a “$25.50” rating for the company in a research report on Monday, July 23rd. Stephens set a $24.00 price target on shares of Summit Materials and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Finally, Barclays dropped their price target on shares of Summit Materials from $30.00 to $24.00 and set an “equal weight” rating for the company in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $30.41.

SUM opened at $21.16 on Tuesday. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 1.88 and a beta of 1.63. Summit Materials has a 1-year low of $19.60 and a 1-year high of $34.06. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.07 and a quick ratio of 1.26.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, August 1st. The construction company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.24). The firm had revenue of $549.24 million during the quarter, compared to the consensus estimate of $546.76 million. Summit Materials had a return on equity of 8.54% and a net margin of 5.16%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.47 earnings per share. equities research analysts anticipate that Summit Materials will post 1.07 earnings per share for the current fiscal year.

In related news, COO Karl Watson bought 35,500 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The stock was purchased at an average price of $21.15 per share, for a total transaction of $750,825.00. Following the completion of the transaction, the chief operating officer now owns 23,700 shares in the company, valued at $501,255. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction on Wednesday, June 20th. The stock was sold at an average price of $27.62, for a total transaction of $345,250.00. Following the transaction, the chief executive officer now owns 135,602 shares of the company’s stock, valued at approximately $3,745,327.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,000 shares of company stock valued at $1,342,500. 1.50% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale bought a new position in shares of Summit Materials during the first quarter worth $123,000. Bank of Montreal Can boosted its position in shares of Summit Materials by 55.1% during the second quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after acquiring an additional 2,025 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Summit Materials during the first quarter worth $244,000. Quadrature Capital Ltd bought a new position in shares of Summit Materials during the first quarter worth $254,000. Finally, Cubist Systematic Strategies LLC boosted its position in shares of Summit Materials by 626.2% during the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after acquiring an additional 7,420 shares during the last quarter.

About Summit Materials

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.

Featured Story: Diversification For Individual Investors

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

Analyst Recommendations for Summit Materials (NYSE:SUM)

Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply