Summit Materials, Inc. (NYSE:SUM) Receives Consensus Rating of “Hold” from Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned an average recommendation of “Hold” from the fourteen research firms that are presently covering the stock, MarketBeat.com reports. Ten equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $50.54.

A number of equities analysts have weighed in on the company. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Truist Financial restated a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Loop Capital reiterated a “hold” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. StockNews.com began coverage on Summit Materials in a research note on Monday. They issued a “sell” rating for the company. Finally, Jefferies Financial Group downgraded shares of Summit Materials from a “buy” rating to a “hold” rating and dropped their price target for the company from $58.00 to $52.50 in a research note on Monday, December 16th.

Summit Materials Price Performance

Summit Materials stock opened at $52.13 on Wednesday. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49. The firm has a market cap of $9.15 billion, a P/E ratio of 63.57 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The business’s fifty day moving average is $49.99 and its two-hundred day moving average is $42.59.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the business earned $0.81 EPS. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. Equities research analysts forecast that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now directly owns 40,221 shares in the company, valued at $2,047,651.11. This represents a 3.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its position in Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after acquiring an additional 353 shares during the last quarter. Principal Financial Group Inc. increased its holdings 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 valued at $206,445,000 after buying an additional 94,694 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in Summit Materials in the third quarter valued at $203,000. Franklin Resources Inc. acquired a new position in Summit Materials during the third quarter worth about $7,359,000. Finally, Synovus Financial Corp grew its holdings in Summit Materials by 13.6% during the 3rd quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after buying an additional 3,390 shares during the last quarter.

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.