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

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

A number of other equities research analysts also recently weighed in on the company. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock 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. Truist Financial reaffirmed a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Citigroup reaffirmed a “neutral” rating and set a $52.50 price target (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, ten have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Summit Materials presently has an average rating of “Hold” and a consensus price target of $50.54.

Summit Materials Trading Down 0.2 %

Shares of NYSE SUM opened at $52.05 on Monday. The firm has a 50 day moving average price of $50.23 and a two-hundred day moving average price of $42.78. The stock has a market cap of $9.14 billion, a P/E ratio of 63.48 and a beta of 1.14. Summit Materials has a 52-week low of $34.38 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.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business 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 posted $0.81 EPS. The company’s revenue for the quarter was up 49.9% compared to the same quarter last year. As a group, equities analysts forecast that Summit Materials will post 1.66 EPS for the current year.

Insider Buying and Selling

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently modified their holdings of the company. Versant Capital Management Inc lifted 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 buying an additional 353 shares during the period. V Square Quantitative Management LLC purchased a new position in shares of Summit Materials in the 3rd quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Summit Materials during the third quarter valued at approximately $28,000. Toth Financial Advisory Corp grew its stake 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 purchasing an additional 500 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of Summit Materials by 3,804.2% in the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after buying an additional 913 shares during the period.

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.