Summit Materials, Inc. (SUM) Downgraded by Zacks Investment Research

Summit Materials, Inc. (NYSE:SUM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday, July 5th.

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. “

A number of other equities research analysts have also issued reports on SUM. Cleveland Research reaffirmed a “buy” rating on shares of Summit Materials in a research note on Friday, March 31st. TheStreet raised Summit Materials from a “c” rating to a “b-” rating in a research note on Tuesday, March 28th. Longbow Research began coverage on Summit Materials in a research note on Thursday, June 8th. They issued a “buy” rating and a $34.00 target price on the stock. BidaskClub upgraded Summit Materials from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a report on Monday, June 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. Summit Materials currently has a consensus rating of “Hold” and a consensus price target of $28.86.

Shares of Summit Materials (NYSE:SUM) traded up 1.66% during trading on Wednesday, hitting $28.70. The company’s stock had a trading volume of 1,503,715 shares. The stock has a market cap of $3.05 billion, a PE ratio of 434.85 and a beta of 2.09. Summit Materials has a one year low of $17.27 and a one year high of $29.67. The company has a 50-day moving average price of $28.52 and a 200-day moving average price of $26.02.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, May 3rd. The construction company reported ($0.50) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by $0.02. The firm had revenue of $259 million for the quarter, compared to analysts’ expectations of $233.63 million. Summit Materials had a return on equity of 10.00% and a net margin of 0.33%. Summit Materials’s revenue was up 24.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.42) EPS. Equities analysts predict that Summit Materials will post $1.31 EPS for the current fiscal year.

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In related news, insider Anne Lee Benedict sold 7,500 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $28.48, for a total value of $213,600.00. Following the completion of the sale, the insider now directly owns 11,213 shares in the company, valued at approximately $319,346.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ted A. Gardner sold 21,344 shares of the stock in a transaction on Friday, May 5th. The shares were sold at an average price of $28.04, for a total value of $598,485.76. Following the completion of the sale, the director now owns 6,414 shares of the company’s stock, valued at $179,848.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 284,854 shares of company stock valued at $7,995,604. 1.97% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Summit Materials by 57,208.1% in the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock worth $185,890,000 after buying an additional 7,509,709 shares during the last quarter. Vanguard Group Inc. boosted its position in Summit Materials by 19.9% in the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock worth $208,882,000 after buying an additional 1,402,233 shares during the last quarter. TimesSquare Capital Management LLC boosted its position in shares of Summit Materials by 70.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,993,886 shares of the construction company’s stock valued at $73,979,000 after buying an additional 1,242,505 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of Summit Materials during the second quarter valued at approximately $34,909,000. Finally, Epoch Investment Partners Inc. bought a new position in shares of Summit Materials during the first quarter valued at approximately $26,076,000.

About Summit Materials

Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.

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