Price Don’t Lie: Summit Materials Inc Just Recorded A Sigfniciant Decline

Price Don't Lie: Summit Materials Inc Just Recorded A Sigfniciant Decline

The stock of Summit Materials Inc (NYSE:SUM) is a huge mover today! The stock decreased 2.78% or $0.53 during the last trading session, hitting $18.55. About 1.85 million shares traded hands or 52.89% up from the average. Summit Materials Inc (NYSE:SUM) has risen 1.59% since February 29, 2016 and is uptrending. It has underperformed by 8.84% the S&P500.
The move comes after 8 months negative chart setup for the $2.62 billion company. It was reported on Oct, 1 by Barchart.com. We have $17.44 PT which if reached, will make NYSE:SUM worth $157.20 million less.

Analysts await Summit Materials Inc (NYSE:SUM) to report earnings on November, 1. They expect $0.74 EPS, up 4.23% or $0.03 from last year’s $0.71 per share. SUM’s profit will be $104.52M for 6.27 P/E if the $0.74 EPS becomes a reality. After $0.46 actual EPS reported by Summit Materials Inc for the previous quarter, Wall Street now forecasts 60.87% EPS growth.

Summit Materials Inc (NYSE:SUM) Ratings Coverage

Out of 7 analysts covering Summit Materials (NYSE:SUM), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. Summit Materials has been the topic of 13 analyst reports since August 17, 2015 according to StockzIntelligence Inc. Barclays Capital maintained the stock with “Equal-Weight” rating in Tuesday, March 22 report. On Monday, August 17 the stock rating was upgraded by DA Davidson to “Buy”. The firm earned “Neutral” rating on Tuesday, August 18 by Citigroup. The rating was maintained by Citigroup with “Buy” on Thursday, August 4. The firm has “Buy” rating by Bank of America given on Thursday, October 8. RBC Capital Markets maintained Summit Materials Inc (NYSE:SUM) on Friday, August 28 with “Buy” rating. Citigroup maintained it with “Buy” rating and $24 target price in Monday, April 18 report. Goldman Sachs upgraded the shares of SUM in a report on Friday, October 2 to “Buy” rating. RBC Capital Markets maintained Summit Materials Inc (NYSE:SUM) rating on Wednesday, November 4. RBC Capital Markets has “Outperform” rating and $25 price target.

According to Zacks Investment Research, “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.”

More recent Summit Materials Inc (NYSE:SUM) news were published by: Businesswire.com which released: “Summit Materials Announces a Definitive Agreement to Acquire Boxley Materials …” on February 23, 2016. Also Businesswire.com published the news titled: “Summit Materials Appoints Steven Wunning as New Director to its Board” on August 10, 2016. Businesswire.com‘s news article titled: “Summit Materials Prices Secondary Offering of Common Stock” with publication date: July 14, 2016 was also an interesting one.

SUM Company Profile

Summit Materials, Inc., incorporated on September 23, 2014, is a construction materials company. The Firm operates through three divisions: West, Central and East. The Firm has activities in approximately 20 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the country, with a focus on Texas, Kansas, Utah, Missouri and Kentucky, and cement, which it supplies primarily in Missouri, Iowa and along the Mississippi River. Within the Company’s markets, it offers construction materials and related downstream products. In addition to the supply of aggregates to its customers, the Company also uses its materials internally to produce ready-mixed concrete and asphalt paving mix. The Company’s construction materials activities consist of aggregates production, including crushed stone and construction sand and gravel, cement and ready-mixed concrete production and asphalt paving mix production.

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