Summit Materials (NYSE:SUM) Rating Lowered to Sell at StockNews.com

StockNews.com downgraded shares of Summit Materials (NYSE:SUM) from a hold rating to a sell rating in a research report sent to investors on Wednesday.

SUM has been the subject of several other research reports. Stephens reaffirmed an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Loop Capital upped their price objective on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Royal Bank of Canada lifted their target price on Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Citigroup dropped their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, Truist Financial lifted their price objective on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Summit Materials presently has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Trading Up 1.0 %

Shares of Summit Materials stock opened at $51.66 on Wednesday. The firm has a market cap of $9.07 billion, a PE ratio of 63.00 and a beta of 1.14. 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 fifty-two week low of $34.37 and a fifty-two week high of $53.49. The business’s fifty day moving average is $43.04 and its two-hundred day moving average is $39.97.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the company earned $0.81 EPS. The firm’s quarterly revenue was up 49.9% on a year-over-year basis. Analysts anticipate that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Trading of Summit Materials

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares in the last quarter. Principal Financial Group Inc. boosted its position in Summit Materials by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after buying an additional 94,694 shares during the last quarter. Ausbil Investment Management Ltd grew its stake in shares of Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after acquiring an additional 18,706 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Summit Materials by 3.9% during the third quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after acquiring an additional 27,225 shares during the last quarter. Finally, Comerica Bank lifted its stake in shares of Summit Materials by 215.3% in the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after acquiring an additional 62,173 shares in the last quarter.

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.