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

StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a research report released on Tuesday morning. The brokerage issued a sell rating on the construction company’s stock.

Several other equities research analysts have also recently issued reports on the company. DA Davidson increased their price target on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup reaffirmed a “neutral” rating and set a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and decreased their target price for the company from $58.00 to $52.50 in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

SUM opened at $52.06 on Tuesday. The stock has a fifty day moving average of $50.61 and a 200-day moving average of $43.28. The company has a market capitalization of $9.14 billion, a P/E ratio of 63.49 and a beta of 1.14. Summit Materials has a fifty-two week low of $34.38 and a fifty-two 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 issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the company earned $0.81 EPS. The business’s revenue was up 49.9% on a year-over-year basis. On average, equities analysts expect that Summit Materials will post 1.66 EPS for the current year.

Insider Activity

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the transaction, the insider now owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Summit Materials

Several hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc raised its stake in shares of Summit Materials by 179.2% during the fourth 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. V Square Quantitative Management LLC acquired a new stake in Summit Materials in the third quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Summit Materials during the 3rd quarter worth $28,000. Toth Financial Advisory Corp lifted its holdings in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares during the period. Finally, International Assets Investment Management LLC increased its stake in shares of 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 valued at $37,000 after buying an additional 913 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.