Summit Materials (NYSE:SUM) Now Covered by Analysts at StockNews.com

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

Other analysts also recently issued research reports about the stock. Longbow Research restated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Truist Financial reaffirmed a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Citigroup reissued a “neutral” rating and set a $52.50 price objective (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Loop Capital restated a “hold” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and cut their price target for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

Shares of NYSE SUM opened at $51.03 on Monday. The company has a market capitalization of $8.96 billion, a PE ratio of 62.23 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. The stock’s 50 day moving average price is $49.88 and its 200-day moving average price is $42.45. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results 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 business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the company posted $0.81 earnings per share. Summit Materials’s quarterly revenue was up 49.9% compared to the same quarter last year. On average, equities analysts anticipate that Summit Materials will post 1.66 EPS for the current year.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction 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 completion of the sale, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.55% of the stock is owned by company insiders.

Institutional Trading of Summit Materials

Institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc increased its holdings in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after buying an additional 353 shares during the last quarter. Principal Financial Group Inc. grew its position in Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in Summit Materials in the third quarter valued at $203,000. Franklin Resources Inc. bought a new position in Summit Materials in the third quarter valued at $7,359,000. Finally, Synovus Financial Corp raised its position in Summit Materials by 13.6% during the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after purchasing an additional 3,390 shares in the last quarter.

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.