Summit Materials (NYSE:SUM) Earns Sell Rating from Analysts at StockNews.com

Equities research analysts at StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a research report issued on Thursday. The brokerage set a “sell” rating on the construction company’s stock.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and reduced their price target for the company from $58.00 to $52.50 in a report on Monday, December 16th. Citigroup reiterated a “neutral” rating and issued a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, DA Davidson increased their target price on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Stock Up 0.1 %

Shares of NYSE:SUM opened at $52.35 on Thursday. Summit Materials has a 52 week low of $34.64 and a 52 week high of $53.49. 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 $9.19 billion, a PE ratio of 63.84 and a beta of 1.14. The company has a 50 day moving average price of $51.19 and a two-hundred day moving average price of $44.39.

Summit Materials (NYSE:SUM) last issued 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. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the firm earned $0.81 earnings per share. The business’s quarterly revenue was up 49.9% on a year-over-year basis. Analysts forecast 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 firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Large investors have recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Summit Materials during the fourth quarter worth about $704,000. Franklin Resources Inc. acquired a new stake in Summit Materials during the third quarter worth about $7,359,000. Principal Financial Group Inc. grew 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 worth $206,445,000 after buying an additional 94,694 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Summit Materials by 1,436.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after buying an additional 822,222 shares in the last quarter. Finally, Ausbil Investment Management Ltd grew its stake in Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after buying an additional 18,706 shares in 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.