Citigroup Maintains Summit Materials Inc to Buy with Price Target $26.00

Brokerage firm Citigroup Maintains its rating on Summit Materials Inc(NYSE:SUM). In a research note issued to the investors, the brokerage major Raises the price-target to $26.00 per share. The shares have been rated Buy. The rating by Citigroup was issued on Aug 5, 2016.

In a different note, On Aug 4, 2016, Citigroup said it Maintains its rating on Summit Materials Inc. In the research note, the firm Raises the price-target to $25.00 per share. The shares have been rated ‘Buy’ by the firm.

Summit Materials Inc (SUM) shares turned negative on Wednesdays trading session with the shares closing down -0.39 points or -1.92% at a volume of 6,87,216. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $20.3. The peak price level was also seen at $20.3 while the days lowest was $19.63. Finally the shares closed at $19.88. The 52-week high of the shares is $27.477832 while the 52-week low is $13.12. According to the latest information available, the market cap of the company is $2,575 M.

Summit Materials Inc(SUM) last announced its earnings results on Aug 3, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $412.64M. Analysts had an estimated revenue of $414.00M. Earnings per share were $0.46. Analysts had estimated an EPS of $0.46.

Several Insider Transactions has been reported to the SEC. On Jul 25, 2016, Plc Barclays (10% owner) purchased 402 shares at $21.84 per share price.Also, On Jul 15, 2016, Thomas W. Hill (President and CEO) sold 10,000 shares at $21.45 per share price.On May 25, 2016, Michael John Brady (officer ) sold 35,228 shares at $21.85 per share price, according to the Form-4 filing with the securities and exchange commission.

Summit Materials Inc. is a construction material company. The Company offers construction materials and related downstream products. The Company’s materials include aggregates which it supplies across the country with a focus on Texas Kansas Kentucky Utah and Missouri and cement which the Company supplies in Missouri Iowa and Illinois. In addition to supplying aggregates it uses its materials to produce ready-mixed concrete and asphalt paving mix. The Company operates through three segments: West Central and East. The Company’s West region includes operations in Texas the Mountain states of Utah Colorado Idaho and Wyoming and in British Columbia Canada. The Company’s Central region extends across the Midwestern United States including Kansas Missouri Nebraska Iowa and Illinois. The Company’s East region serves markets in Kentucky South Carolina North Carolina Tennessee and Virginia.

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