StockNews.com Initiates Coverage on Summit Materials (NYSE:SUM)

Analysts at StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a research note issued on Thursday. The firm set a “sell” rating on the construction company’s stock.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Jefferies Financial Group reduced their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. 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 report on Monday, November 25th. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Citigroup reissued a “neutral” rating and issued a $52.50 price target (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Trading Up 0.1 %

NYSE:SUM opened at $50.80 on Thursday. The stock’s 50 day moving average price is $44.93 and its 200 day moving average price is $40.54. The company has a market capitalization of $8.92 billion, a PE ratio of 61.95 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49.

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, 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 during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the firm earned $0.81 EPS. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, research analysts anticipate that Summit Materials will post 1.64 EPS for the current year.

Hedge Funds Weigh In On Summit Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Johnson Investment Counsel Inc. lifted its holdings in shares of Summit Materials by 5.8% in the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after purchasing an additional 327 shares in the last quarter. Assetmark Inc. grew its position in shares of Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after purchasing an additional 411 shares during the last quarter. Waycross Investment Management Co grew its position in shares of Summit Materials by 1.0% in the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after purchasing an additional 412 shares during the last quarter. Xponance Inc. grew its position in shares of Summit Materials by 6.2% in the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after purchasing an additional 448 shares during the last quarter. Finally, Toth Financial Advisory Corp grew its position in shares of Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares during the last quarter.

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.