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

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

A number of other brokerages also recently issued reports on SUM. Loop Capital reiterated a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. DA Davidson boosted their price objective on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, Truist Financial restated a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Price Performance

NYSE SUM opened at $52.19 on Wednesday. Summit Materials has a 52 week low of $34.64 and a 52 week high of $53.49. The firm has a market capitalization of $9.16 billion, a P/E ratio of 63.64 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 company has a 50-day moving average price of $50.76 and a 200-day moving average price of $43.74.

Summit Materials (NYSE:SUM) last released its quarterly 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 net margin of 3.92% and a return on equity of 6.90%. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 EPS. Equities research analysts anticipate that Summit Materials will post 1.66 earnings per share for the current year.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the 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 sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Institutional Trading of Summit Materials

Several hedge funds and other institutional investors have recently bought and sold shares of SUM. V Square Quantitative Management LLC purchased a new stake in Summit Materials during the 3rd quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Summit Materials in the third quarter worth $28,000. Versant Capital Management Inc increased its stake in Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares during the period. Toth Financial Advisory Corp increased its stake in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. Finally, International Assets Investment Management LLC increased its stake in Summit Materials by 3,804.2% in the third 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 period.

Summit Materials Company Profile

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.