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Summit Materials (NYSE:SUM) coverage launches on StockNews.com

Stock market analysts at StockNews.com began to cover the shares of Summit Materials (NYSE: SUM – Get a rating) in a report released Wednesday. The company has placed a “conservation” rating on the shares of the construction company.

A number of other equity research analysts also weighed in on SUM. Goldman Sachs Group cut its price target on Summit Materials shares from $34.00 to $30.00 and set a “neutral” rating on the stock in a Thursday, June 23 research note. DA Davidson raised his price target on Summit Materials shares to $33.00 in a Tuesday, August 9 research note. Wolfe Research cut its price target on Summit Materials shares from $41.00 to $28.00 and set an “outperform” rating on the stock in a Thursday, July 14, research note. JPMorgan Chase & Co. raised its price target on Summit Materials shares from $30.00 to $37.00 and gave the stock an “overweight” rating in a Thursday, September 22 research note. Finally, Jefferies Financial Group lowered its price target on Summit Materials shares from $38.00 to $36.00 and set a “buy” rating on the stock in a Monday, Oct. 3 research note. Five analysts gave the stock a hold rating and five gave the company a buy rating. Based on data from MarketBeat, Summit Materials has a consensus rating of “Moderate Buy” and a consensus price target of $32.56.

Summit Material Price Performance

Shares of Summit Materials opened at $23.85 on Wednesday. The company’s fifty-day simple moving average is $27.99 and its two-hundred-day simple moving average is $27.13. The company has a market capitalization of $2.82 billion, a PE ratio of 10.37 and a beta of 1.35. The company has a quick ratio of 2.54, a current ratio of 3.17 and a debt ratio of 0.78. Summit Materials has a 12-month low of $21.99 and a 12-month high of $41.46.

Summit Materials (NYSE: SUM – Get a rating) last announced its results on Wednesday, August 3. The construction company reported earnings per share of $0.60 for the quarter, beating consensus analyst estimates of $0.53 by $0.07. The company posted revenue of $631.92 million for the quarter, versus analyst estimates of $644.45 million. Summit Materials had a net margin of 11.31% and a return on equity of 7.54%. As a group, equity analysts expect Summit Materials to post EPS of 1.34 for the current year.

Institutional entries and exits

Major investors have recently been buying and selling shares of the company. Vanguard Group Inc. increased its stake in Summit Materials by 1.1% during the first quarter. Vanguard Group Inc. now owns 11,264,822 shares of the construction company valued at $349,885,000 after buying an additional 119,240 shares last quarter. FMR LLC increased its stake in Summit Materials by 11.6% during the second quarter. FMR LLC now owns 9,179,997 shares of the construction company valued at $213,801,000 after purchasing an additional 956,392 shares last quarter. BlackRock Inc. increased its stake in Summit Materials by 0.7% during the first quarter. BlackRock Inc. now owns 9,032,871 shares of the construction company valued at $280,561,000 after buying an additional 58,438 shares last quarter. Principal Financial Group Inc. increased its stake in shares of Summit Materials by 7.0% in the second quarter. Principal Financial Group Inc. now owns 7,035,207 shares of the construction company valued at $163,849,000 after acquiring an additional 457,799 shares during the period. Finally, Capital International Investors increased its stake in Summit Materials by 8.1% in the 1st quarter. Capital International Investors now owns 6,903,885 shares of the construction company worth $214,435,000 after purchasing an additional 519,296 shares during the period.

About Summit Materials

(Get a rating)

Summit Materials, Inc., through its subsidiaries, produces and sells building materials and related downstream products for public infrastructure and residential and non-residential end markets. It operates through three segments: West, East and Cement. The Company’s products include aggregates, cement, ready-mixed concrete, asphalt mixes and concrete products, as well as plastic components.

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Analyst Recommendations for Summit Materials (NYSE:SUM)

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