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

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

SUM has been the topic of several other reports. Loop Capital reissued a “hold” rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Truist Financial reissued a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and cut their price target for the company from $58.00 to $52.50 in a research note on Monday, December 16th. Citigroup reiterated a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Price Performance

NYSE SUM opened at $51.10 on Monday. Summit Materials has a one year low of $34.38 and a one year high of $53.49. The stock has a 50-day moving average of $49.88 and a 200 day moving average of $42.49. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 62.32 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced 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. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.81 earnings per share. On average, sell-side analysts forecast that Summit Materials will post 1.66 EPS for the current year.

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials 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 sale, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Summit Materials during the third quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Summit Materials during the 3rd quarter valued at about $28,000. Versant Capital Management Inc lifted its holdings in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after acquiring an additional 353 shares during the last quarter. Toth Financial Advisory Corp grew its position 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 acquiring an additional 500 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after acquiring an additional 913 shares in the last quarter.

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.