Summit Materials Inc (SUM) Receives $22.00 Average Target Price from Analysts

Shares of Summit Materials Inc (NYSE:SUM) have received an average rating of “Hold” from the fourteen analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and seven have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $22.00.

Several analysts have commented on SUM shares. Zacks Investment Research cut shares of Summit Materials from a “hold” rating to a “strong sell” rating in a research note on Friday, February 8th. Scotiabank reissued a “hold” rating on shares of Summit Materials in a research note on Thursday, February 14th. JPMorgan Chase & Co. started coverage on shares of Summit Materials in a research note on Thursday, March 21st. They set a “neutral” rating and a $19.00 price objective for the company. Finally, Berenberg Bank started coverage on shares of Summit Materials in a research note on Wednesday, April 3rd. They set a “hold” rating and a $18.00 price objective for the company.

Shares of SUM opened at $16.65 on Friday. The company has a market cap of $3.31 billion, a PE ratio of 111.00, a price-to-earnings-growth ratio of 1.97 and a beta of 1.92. The company has a debt-to-equity ratio of 1.35, a current ratio of 2.27 and a quick ratio of 1.45. Summit Materials has a 1-year low of $11.25 and a 1-year high of $31.36.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, February 6th. The construction company reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.20). The firm had revenue of $491.00 million during the quarter, compared to analysts’ expectations of $459.58 million. Summit Materials had a return on equity of 1.34% and a net margin of 1.68%. The firm’s revenue was up .2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.43 earnings per share. As a group, sell-side analysts expect that Summit Materials will post 0.8 earnings per share for the current fiscal year.

In other news, CEO Thomas W. Hill acquired 31,250 shares of the business’s stock in a transaction on Friday, February 15th. The shares were purchased at an average price of $16.25 per share, for a total transaction of $507,812.50. Following the acquisition, the chief executive officer now directly owns 135,652 shares of the company’s stock, valued at approximately $2,204,345. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.76% of the company’s stock.

A number of hedge funds have recently modified their holdings of SUM. Pearl River Capital LLC bought a new stake in shares of Summit Materials in the 4th quarter worth about $26,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Summit Materials in the 4th quarter worth about $64,000. FCA Corp TX bought a new stake in shares of Summit Materials in the 4th quarter worth about $106,000. Bank of Montreal Can increased its position in shares of Summit Materials by 42.8% in the 4th quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock worth $136,000 after purchasing an additional 3,275 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Summit Materials in the 4th quarter worth about $139,000.

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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Analyst Recommendations for Summit Materials (NYSE:SUM)

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