Summit Materials (NYSE:SUM) Research Coverage Started at StockNews.com

StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a research report released on Saturday morning. The brokerage issued a sell rating on the construction company’s stock.

A number of other brokerages have also recently issued reports on SUM. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $50.54.

Summit Materials Trading Up 0.2 %

NYSE:SUM opened at $50.59 on Friday. The stock has a 50-day simple moving average of $48.02 and a 200-day simple moving average of $41.55. The stock has a market cap of $8.88 billion, a P/E ratio of 61.70 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 quick ratio of 2.48 and a current ratio of 3.10.

Summit Materials (NYSE:SUM) last issued 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 net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the firm posted $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. As a group, analysts anticipate that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction that occurred on 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 $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new stake in shares of Summit Materials during the third quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Summit Materials in the 3rd quarter worth $28,000. Toth Financial Advisory Corp boosted its position in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Summit Materials during the second quarter worth about $40,000.

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.