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

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

A number of other equities analysts have also recently issued reports on the company. DA Davidson upped their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and lowered their target price for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Loop Capital reaffirmed 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. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

Shares of SUM stock opened at $52.08 on Tuesday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49. The company has a market cap of $9.15 billion, a P/E ratio of 63.51 and a beta of 1.14. The business has a fifty day simple moving average of $50.51 and a 200 day simple moving average of $43.17.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share 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 business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the company earned $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, sell-side analysts forecast that Summit Materials will post 1.66 EPS for the current fiscal year.

Insider Buying and Selling

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in Summit Materials in the third quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Summit Materials in the third quarter worth approximately $28,000. Versant Capital Management Inc boosted its holdings 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 acquiring an additional 353 shares in the last quarter. Toth Financial Advisory Corp boosted its holdings 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 acquiring an additional 500 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings 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 acquiring an additional 913 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.