Summit Materials (NYSE:SUM) Downgraded by Jefferies Financial Group to Hold

Jefferies Financial Group downgraded shares of Summit Materials (NYSE:SUM) from a buy rating to a hold rating in a research report report published on Monday, Marketbeat reports. The brokerage currently has $52.50 price objective on the construction company’s stock, down from their prior price objective of $58.00.

SUM has been the subject of a number of other research reports. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Loop Capital restated 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. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. DA Davidson raised their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, Truist Financial restated a “hold” rating and issued a $52.50 price objective (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Summit Materials presently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Stock Performance

SUM opened at $50.74 on Monday. 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 company’s fifty day moving average price is $47.01 and its two-hundred day moving average price is $41.20. Summit Materials has a 1-year low of $34.38 and a 1-year high of $53.49. The company has a market cap of $8.91 billion, a price-to-earnings ratio of 61.88 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 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 earnings per share. On average, analysts expect that Summit Materials will post 1.66 EPS for the current fiscal year.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction dated 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently bought and sold shares of SUM. River Road Asset Management LLC lifted its stake in Summit Materials by 15.9% during the 3rd 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 lifted its stake in Summit Materials by 6.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares during the period. Millennium Management LLC lifted its stake in Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after acquiring an additional 399,072 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Summit Materials by 21.8% in 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. Finally, Troluce Capital Advisors LLC bought a new position in shares of Summit Materials in the 2nd quarter worth approximately $10,983,000.

Summit Materials Company Profile

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.