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

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

Several other equities research analysts also recently issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and decreased their price target for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Loop Capital reissued a “hold” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup restated a “neutral” rating and set a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Trading Up 0.0 %

Shares of SUM opened at $52.22 on Wednesday. Summit Materials has a twelve month low of $34.64 and a twelve month high of $53.49. The firm has a market capitalization of $9.17 billion, a P/E ratio of 63.68 and a beta of 1.14. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The stock’s fifty day simple moving average is $50.96 and its 200 day simple moving average is $43.97.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping 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 company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the business posted $0.81 EPS. The company’s quarterly revenue was up 49.9% compared to the same quarter last year. On average, equities research analysts forecast that Summit Materials will post 1.66 earnings per share for the current year.

Insider Transactions at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the sale, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds have recently added to or reduced their stakes in SUM. Assenagon Asset Management S.A. boosted its holdings in shares of Summit Materials by 1,436.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after buying an additional 822,222 shares during the period. River Road Asset Management LLC boosted its stake in Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after acquiring an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Summit Materials by 6.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after purchasing an additional 429,062 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after purchasing an additional 399,072 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after purchasing an additional 313,957 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.