Summit Materials (NYSE:SUM) Lifted to Hold at Zacks Investment Research

Summit Materials (NYSE:SUM) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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 brokerages have also recently commented on SUM. ValuEngine upgraded Summit Materials from a “hold” rating to a “buy” rating in a research report on Tuesday, July 2nd. Barclays set a $18.00 price target on Summit Materials and gave the stock a “hold” rating in a research report on Friday, June 14th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $20.00.

Shares of SUM traded down $0.30 during trading hours on Tuesday, hitting $18.69. 59,622 shares of the stock were exchanged, compared to its average volume of 1,167,102. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.38 and a current ratio of 2.06. Summit Materials has a 12-month low of $11.25 and a 12-month high of $21.85. The firm has a market capitalization of $2.21 billion, a P/E ratio of 124.60, a price-to-earnings-growth ratio of 2.35 and a beta of 2.24. The stock has a 50-day moving average price of $18.47.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.07). Summit Materials had a return on equity of 1.68% and a net margin of 0.94%. The firm had revenue of $600.90 million for the quarter, compared to analysts’ expectations of $583.06 million. During the same quarter in the previous year, the firm posted $0.32 earnings per share. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. On average, equities analysts forecast that Summit Materials will post 0.76 earnings per share for the current year.

A number of large investors have recently modified their holdings of the business. State Board of Administration of Florida Retirement System grew its holdings in Summit Materials by 6.3% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 18,987 shares of the construction company’s stock valued at $365,000 after buying an additional 1,120 shares in the last quarter. Eagle Asset Management Inc. grew its holdings in Summit Materials by 2.9% in the 2nd quarter. Eagle Asset Management Inc. now owns 3,221,682 shares of the construction company’s stock valued at $62,017,000 after buying an additional 90,210 shares in the last quarter. Swiss National Bank grew its holdings in Summit Materials by 2.1% in the 2nd quarter. Swiss National Bank now owns 207,759 shares of the construction company’s stock valued at $3,999,000 after buying an additional 4,300 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Summit Materials by 10.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 20,093 shares of the construction company’s stock valued at $387,000 after buying an additional 1,831 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its holdings in Summit Materials by 26.5% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 469,394 shares of the construction company’s stock valued at $9,036,000 after buying an additional 98,315 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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