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

Investment analysts at StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a report issued on Saturday. The firm set a “sell” rating on the construction company’s stock.

SUM has been the subject of several other research reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. DA Davidson increased their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Loop Capital reiterated a “hold” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Morgan Stanley began coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Trading Up 0.3 %

Shares of SUM opened at $50.50 on Friday. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The company has a market capitalization of $8.87 billion, a PE ratio of 61.59 and a beta of 1.14. The stock has a fifty day moving average of $48.02 and a two-hundred day moving average of $41.50. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Summit Materials (NYSE:SUM) last released 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 firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 earnings per share. As a group, analysts forecast that Summit Materials will post 1.66 EPS for the current year.

Insiders Place Their Bets

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Summit Materials

Hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new position in shares of Summit Materials during the third quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Summit Materials during the 3rd quarter valued at about $28,000. Toth Financial Advisory Corp boosted its stake in Summit Materials by 147.1% during the 3rd 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 period. International Assets Investment Management LLC grew its position in Summit Materials by 3,804.2% in the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Summit Materials in the second quarter valued at approximately $40,000.

About Summit Materials

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.