StockNews.com Downgrades Summit Materials (NYSE:SUM) to Sell

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

A number of other research firms also recently commented on SUM. Loop Capital lifted their price objective on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Citigroup lowered their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Jefferies Financial Group cut their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, Morgan Stanley initiated coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Stock Performance

Shares of SUM stock opened at $51.66 on Wednesday. The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of 63.00 and a beta of 1.14. Summit Materials has a one year low of $34.37 and a one year high of $53.49. The company’s 50-day simple moving average is $43.04 and its 200-day simple moving average is $39.97. 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 announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Equities analysts anticipate that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Trading of Summit Materials

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position 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 worth $545,561,000 after acquiring an additional 262,179 shares during the period. Advisors Asset Management Inc. lifted its holdings in Summit Materials by 14.2% in the first quarter. Advisors Asset Management Inc. now owns 83,476 shares of the construction company’s stock worth $3,721,000 after purchasing an additional 10,411 shares during the period. Epoch Investment Partners Inc. grew its position in Summit Materials by 17.1% in the 1st quarter. Epoch Investment Partners Inc. now owns 224,017 shares of the construction company’s stock valued at $9,984,000 after buying an additional 32,679 shares in the last quarter. Hood River Capital Management LLC acquired a new position in Summit Materials during the 1st quarter valued at about $33,206,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Summit Materials by 0.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after buying an additional 22,840 shares in the last quarter.

Summit Materials Company Profile

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.