Summit Materials Inc (SUM) is Downgraded by Goldman to Neutral

Summit Materials Inc (SUM) was Downgraded by Goldman to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Goldman advised their investors in a research report released on Oct 11, 2016.

On the company’s financial health, Summit Materials Inc reported $0.46 EPS for the quarter, based on the information available during the earnings call on Aug 3, 2016. Analyst had a consensus estimate of $0.46. The company had revenue of $445.30 million for the quarter, compared to analysts expectations of $462.20 million. The company’s revenue was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.01 EPS.

Summit Materials Inc closed down -0.59 points or -3.05% at $18.77 with 10,78,832 shares getting traded on Friday. Post opening the session at $19.34, the shares hit an intraday low of $18.75 and an intraday high of $19.34 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Sep 16, 2016, Thomas W. Hill (President and CEO) sold 10,000 shares at $17.87 per share price. According to the SEC, on Sep 8, 2016, John Raymond Murphy (director) purchased 6,000 shares at $18.93 per share price. On Aug 22, 2016, Douglas Charles Rauh (officer ) sold 50,000 shares at $19.32 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.

Summit Materials Inc

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