Zacks Investment Research upgraded shares of Summit Materials (NYSE:SUM) from a hold rating to a buy rating in a research note released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $21.00 price objective on the construction company’s stock.
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 analysts have also issued reports on SUM. Barclays set a $18.00 price target on shares of Summit Materials and gave the stock a hold rating in a research report on Friday, June 14th. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. lowered shares of VESTAS WIND SYS/ADR from a neutral rating to an underweight rating in a research report on Thursday, March 21st. Finally, Berenberg Bank reiterated a buy rating and set a GBX 3,620 ($47.30) price target on shares of Bellway in a research report on Wednesday, April 3rd. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $20.00.
Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, May 8th. The construction company reported ($0.49) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.60) by $0.11. The business had revenue of $305.95 million for the quarter, compared to analyst estimates of $312.42 million. Summit Materials had a net margin of 0.97% and a return on equity of 1.78%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.55) EPS. Equities research analysts predict that Summit Materials will post 0.77 earnings per share for the current year.
Institutional investors have recently modified their holdings of the business. Penn Capital Management Co. Inc. boosted its position in Summit Materials by 26.6% in the first quarter. Penn Capital Management Co. Inc. now owns 909,376 shares of the construction company’s stock valued at $15,393,000 after buying an additional 190,966 shares in the last quarter. Sciencast Management LP acquired a new stake in Summit Materials in the first quarter valued at approximately $294,000. Jane Street Group LLC acquired a new stake in Summit Materials in the fourth quarter valued at approximately $812,000. Bank of America Corp DE boosted its position in Summit Materials by 80.9% in the fourth quarter. Bank of America Corp DE now owns 747,776 shares of the construction company’s stock valued at $9,272,000 after buying an additional 334,492 shares in the last quarter. Finally, BlackRock Inc. boosted its position in Summit Materials by 1.4% in the fourth quarter. BlackRock Inc. now owns 7,798,909 shares of the construction company’s stock valued at $96,707,000 after buying an additional 110,731 shares in the last quarter.
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 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.
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