Summit Materials (NYSE:SUM) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of Summit Materials (NYSE:SUM) from a buy rating to a hold rating in a research report sent to investors on Saturday morning, 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. “

Other equities analysts have also recently issued reports about the company. Barclays set a $18.00 price target on Summit Materials and gave the stock a hold rating in a report on Friday, June 14th. Berenberg Bank reiterated a buy rating and set a GBX 3,620 ($47.30) price target on shares of Bellway in a report on Wednesday, April 3rd. Finally, ValuEngine cut Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $20.00.

Shares of SUM opened at $18.01 on Friday. Summit Materials has a 52-week low of $11.25 and a 52-week high of $26.22. The firm has a market cap of $2.07 billion, a P/E ratio of 120.07, a PEG ratio of 2.21 and a beta of 2.24. The business has a fifty day moving average of $17.38. The company has a quick ratio of 1.14, a current ratio of 1.97 and a debt-to-equity ratio of 1.47.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, May 8th. The construction company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.11. Summit Materials had a return on equity of 1.78% and a net margin of 0.97%. The business had revenue of $305.95 million during the quarter, compared to the consensus estimate of $312.42 million. During the same period last year, the company earned ($0.55) EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, equities analysts expect that Summit Materials will post 0.76 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. boosted its holdings in Summit Materials by 27.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,516 shares of the construction company’s stock valued at $103,000 after acquiring an additional 1,388 shares during the period. Sheets Smith Wealth Management boosted its holdings in Summit Materials by 24.0% during the 1st quarter. Sheets Smith Wealth Management now owns 14,904 shares of the construction company’s stock valued at $237,000 after acquiring an additional 2,883 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its holdings in Summit Materials by 48.6% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 11,795 shares of the construction company’s stock valued at $187,000 after acquiring an additional 3,860 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Summit Materials by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 21,096 shares of the construction company’s stock valued at $261,000 after acquiring an additional 7,573 shares during the period. Finally, FCA Corp TX purchased a new position in Summit Materials during the 4th quarter valued at about $106,000.

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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