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

StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a research report report published on Sunday morning. The firm issued a sell rating on the construction company’s stock.

Several other brokerages have also issued reports on SUM. Truist Financial reiterated a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Citigroup reissued a “neutral” rating and set a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and dropped their price target for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $50.54.

Summit Materials Stock Performance

Shares of SUM stock opened at $50.60 on Friday. 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 has a 12-month low of $34.38 and a 12-month high of $53.49. The business’s 50 day moving average is $49.41 and its two-hundred day moving average is $42.20. The company has a market capitalization of $8.89 billion, a P/E ratio of 61.71 and a beta of 1.14.

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

Insider Activity at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction that occurred 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 sale, the insider now 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA increased its position in shares of Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after purchasing an additional 429,062 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Summit Materials by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares during the period. River Road Asset Management LLC lifted its holdings in shares of Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Summit Materials by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares during the period.

Summit Materials Company Profile

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.