Summit Materials (NYSE:SUM) Cut to “Hold” at Stephens

Stephens lowered shares of Summit Materials (NYSE:SUM) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Several other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. 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 research report on Tuesday, November 26th. StockNews.com began coverage on Summit Materials in a report on Monday. They issued a “sell” rating for the company. Finally, Citigroup restated a “neutral” rating and set a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Trading Down 0.2 %

Shares of SUM opened at $52.05 on Tuesday. Summit Materials has a one year low of $34.38 and a one year high of $53.49. The stock has a 50-day moving average price of $50.32 and a 200 day moving average price of $42.84. 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 company has a market capitalization of $9.14 billion, a P/E ratio of 63.48 and a beta of 1.14.

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 company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 EPS. Sell-side analysts forecast that Summit Materials will post 1.66 EPS for the current fiscal year.

Insider Activity at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s 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 transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its holdings in Summit Materials by 179.2% in the 4th 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. lifted its stake in Summit Materials by 1.8% during 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 purchasing an additional 94,694 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in Summit Materials during the third quarter valued at approximately $203,000. Franklin Resources Inc. acquired a new position in Summit Materials in the third quarter worth approximately $7,359,000. Finally, Synovus Financial Corp grew its position in Summit Materials by 13.6% in the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock worth $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.