Summit Materials (NYSE:SUM) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a research note issued to investors on Monday. The firm set a “sell” rating on the construction company’s stock.

Several other equities research analysts have also recently issued reports on the company. Loop Capital restated a “hold” rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Jefferies Financial Group downgraded shares of Summit Materials from a “buy” rating to a “hold” rating and dropped their price objective for the company from $58.00 to $52.50 in a research note on Monday, December 16th. Citigroup reissued a “neutral” rating and issued a $52.50 target price (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, Summit Materials presently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

NYSE:SUM opened at $52.13 on Monday. Summit Materials has a 12-month low of $34.38 and a 12-month high of $53.49. The firm has a market cap of $9.15 billion, a price-to-earnings ratio of 63.57 and a beta of 1.14. The company’s 50-day moving average is $50.12 and its two-hundred day moving average is $42.71. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s revenue was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.81 earnings per share. Research analysts expect that Summit Materials will post 1.66 EPS for the current year.

Insiders Place Their Bets

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Summit Materials

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in shares of Summit Materials during the third quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials in the third quarter valued at about $28,000. Versant Capital Management Inc grew its stake in Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares in the last quarter. Toth Financial Advisory Corp increased its holdings in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Summit Materials by 3,804.2% in the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares in the last quarter.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.