Zacks Investment Research upgraded shares of Summit Materials (NYSE:SUM) from a hold rating to a buy rating in a report published on Tuesday morning, Zacks.com reports. They currently have $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. “
SUM has been the topic of several other reports. Berenberg Bank reiterated a buy rating and issued a GBX 3,620 ($47.30) price objective on shares of Bellway in a research report on Wednesday, April 3rd. Barclays set a $18.00 price objective on shares of Summit Materials and gave the company a hold rating in a research report on Friday, June 14th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. downgraded shares of VESTAS WIND SYS/ADR from a neutral rating to an underweight rating in a research report on Thursday, March 21st. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $20.00.
Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, May 8th. The construction company reported ($0.49) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.60) by $0.11. The business had revenue of $305.95 million during 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 company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.55) EPS. Equities research analysts expect that Summit Materials will post 0.77 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the business. First Trust Advisors LP purchased a new stake in shares of Summit Materials in the fourth quarter worth about $1,465,000. LPL Financial LLC purchased a new stake in shares of Summit Materials in the fourth quarter worth about $148,000. PNC Financial Services Group Inc. lifted its position in shares of Summit Materials by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 21,096 shares of the construction company’s stock worth $261,000 after buying an additional 7,573 shares in the last quarter. BlackRock Inc. lifted its position in shares of Summit Materials by 1.4% in the fourth quarter. BlackRock Inc. now owns 7,798,909 shares of the construction company’s stock worth $96,707,000 after buying an additional 110,731 shares in the last quarter. Finally, Raymond James & Associates lifted its position in shares of Summit Materials by 13.8% in the fourth quarter. Raymond James & Associates now owns 176,389 shares of the construction company’s stock worth $2,187,000 after buying an additional 21,331 shares in the last quarter.
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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