Summit Materials Inc (NYSE:SUM) Receives $19.92 Consensus Target Price from Analysts

Summit Materials Inc (NYSE:SUM) has received an average recommendation of “Buy” from the eighteen research firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $19.92.

A number of research analysts recently weighed in on SUM shares. Zacks Investment Research upgraded shares of Summit Materials from a “hold” rating to a “strong-buy” rating and set a $19.00 price objective on the stock in a research report on Tuesday, July 28th. 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 raised their price objective for the company from $19.00 to $20.00 in a research report on Thursday, August 6th. Loop Capital upgraded shares of Summit Materials from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Thursday, July 23rd. Finally, SunTrust Banks raised shares of Summit Materials from a “hold” rating to a “buy” rating in a research note on Thursday, July 9th.

In other news, CEO Anne P. Noonan purchased 66,000 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was purchased at an average cost of $15.24 per share, with a total value of $1,005,840.00. Following the purchase, the chief executive officer now owns 66,000 shares in the company, valued at $1,005,840. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.54% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Strs Ohio lifted its holdings in Summit Materials by 105.9% during the 2nd quarter. Strs Ohio now owns 3,500 shares of the construction company’s stock valued at $56,000 after buying an additional 1,800 shares in the last quarter. US Bancorp DE lifted its holdings in Summit Materials by 248.0% during the 1st quarter. US Bancorp DE now owns 6,411 shares of the construction company’s stock valued at $96,000 after buying an additional 4,569 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings 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 valued at $130,000 after buying an additional 1,431 shares in the last quarter. Mackenzie Financial Corp bought a new stake in Summit Materials during the 1st quarter valued at about $151,000. Finally, Alberta Investment Management Corp bought a new stake in Summit Materials during the 2nd quarter valued at about $167,000.

SUM stock traded down $0.26 during trading on Wednesday, reaching $16.90. The company had a trading volume of 4,918 shares, compared to its average volume of 1,215,013. Summit Materials has a 52 week low of $7.51 and a 52 week high of $25.22. The company has a market cap of $1.96 billion, a P/E ratio of 18.99 and a beta of 1.63. The business has a 50 day moving average of $15.93 and a 200 day moving average of $15.21. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.44 and a quick ratio of 1.75.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Tuesday, July 21st. The construction company reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.25. Summit Materials had a net margin of 4.53% and a return on equity of 9.31%. The business had revenue of $575.24 million for the quarter, compared to analysts’ expectations of $549.90 million. Research analysts expect that Summit Materials will post 0.9 earnings per share for the current year.

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.

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Analyst Recommendations for Summit Materials (NYSE:SUM)

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