Stifel Nicolaus Lowers Summit Materials (NYSE:SUM) Price Target to $47.00

Summit Materials (NYSE:SUM) had its price target reduced by equities research analysts at Stifel Nicolaus from $55.00 to $47.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Stifel Nicolaus’ price target points to a potential upside of 29.91% from the stock’s current price.

SUM has been the topic of a number of other research reports. Royal Bank of Canada lifted their price objective on Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a report on Friday, May 3rd. Barclays raised their price objective on shares of Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Wolfe Research upgraded Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Wednesday, May 15th. Finally, The Goldman Sachs Group increased their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Summit Materials has a consensus rating of “Moderate Buy” and an average target price of $47.08.

Summit Materials Stock Up 1.6 %

Summit Materials stock opened at $36.18 on Wednesday. The stock has a 50 day moving average of $38.41 and a two-hundred day moving average of $39.27. Summit Materials has a twelve month low of $29.98 and a twelve month high of $44.89. The stock has a market capitalization of $6.35 billion, a price-to-earnings ratio of 16.15 and a beta of 1.15. The company has a current ratio of 2.58, a quick ratio of 1.93 and a debt-to-equity ratio of 0.66.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. The firm had revenue of $773.23 million for the quarter, compared to analyst estimates of $803.98 million. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. Summit Materials’s quarterly revenue was up 89.9% on a year-over-year basis. During the same period last year, the firm posted ($0.26) EPS. As a group, research analysts expect that Summit Materials will post 1.85 earnings per share for the current year.

Insider Activity

In related news, insider Jason Kilgore sold 50,589 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the transaction, the insider now directly owns 60,630 shares in the company, valued at $2,437,932.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds have recently made changes to their positions in SUM. Signaturefd LLC increased its holdings in shares of Summit Materials by 110.3% during the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock worth $25,000 after buying an additional 343 shares during the last quarter. Parallel Advisors LLC increased its stake in Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after acquiring an additional 399 shares during the last quarter. Register Financial Advisors LLC purchased a new position in shares of Summit Materials in the 1st quarter worth about $45,000. Quadrant Capital Group LLC lifted its stake in shares of Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after purchasing an additional 382 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Summit Materials in the 1st quarter valued at about $102,000.

About Summit Materials

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.