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

StockNews.com started coverage on shares of Summit Materials (NYSE:SUM) in a research note published on Thursday morning. The brokerage issued a sell rating on the construction company’s stock.

A number of other research firms have also recently weighed in on SUM. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Morgan Stanley assumed coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. Truist Financial reiterated a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Summit Materials currently has an average rating of “Hold” and an average price target of $50.81.

Summit Materials Stock Down 0.1 %

Shares of NYSE SUM opened at $50.80 on Thursday. The business has a 50-day moving average of $45.41 and a two-hundred day moving average of $40.69. The company has a market capitalization of $8.92 billion, a price-to-earnings ratio of 61.95 and a beta of 1.14. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

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

Hedge Funds Weigh In On Summit Materials

Institutional investors and hedge funds have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA grew its stake in shares of Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after buying an additional 429,062 shares during the period. Principal Financial Group Inc. grew its position 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 acquiring an additional 94,694 shares during the period. Victory Capital Management Inc. grew its position in Summit Materials by 7.0% during the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares during the period. River Road Asset Management LLC increased its stake in Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares during the period.

About Summit Materials

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.