Summit Materials (NYSE:SUM) Now Covered by StockNews.com

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

Several other research analysts also recently commented on SUM. Loop Capital restated a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. DA Davidson boosted their price target on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Citigroup reaffirmed a “neutral” rating and issued a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and lowered their target price for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Finally, Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.54.

Summit Materials Price Performance

Shares of Summit Materials stock opened at $50.56 on Friday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 61.66 and a beta of 1.14. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49. The company has a 50-day simple moving average of $49.02 and a two-hundred day simple moving average of $42.01.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 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 company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business earned $0.81 earnings per share. Summit Materials’s revenue was up 49.9% on a year-over-year basis. Analysts forecast that Summit Materials will post 1.66 EPS for the current year.

Insider Activity

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds have recently made changes to their positions in SUM. Bank of New York Mellon Corp raised its holdings in Summit Materials by 3.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 810,497 shares of the construction company’s stock worth $29,672,000 after purchasing an additional 24,146 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Summit Materials during the second quarter worth $5,555,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Summit Materials by 10.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 43,745 shares of the construction company’s stock valued at $1,602,000 after buying an additional 4,112 shares during the period. nVerses Capital LLC bought a new stake in Summit Materials during the second quarter valued at $304,000. Finally, Rhumbline Advisers grew its holdings in Summit Materials by 9.6% during the 2nd quarter. Rhumbline Advisers now owns 213,302 shares of the construction company’s stock worth $7,809,000 after acquiring an additional 18,625 shares during the period.

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.