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

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

A number of other equities analysts have also recently commented on SUM. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Morgan Stanley initiated coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Truist Financial reiterated 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. Finally, Citigroup restated a “neutral” rating and set a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. 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. According to MarketBeat, Summit Materials currently has an average rating of “Hold” and an average price target of $50.54.

Summit Materials Trading Up 0.3 %

Shares of Summit Materials stock opened at $50.50 on Friday. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49. 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 business has a 50-day moving average price of $48.02 and a 200-day moving average price of $41.52. The firm has a market cap of $8.87 billion, a price-to-earnings ratio of 61.59 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings data 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. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company’s revenue was up 49.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 EPS. Equities research analysts anticipate that Summit Materials will post 1.66 EPS for the current fiscal year.

Insider Activity

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Several hedge funds have recently modified their holdings of the business. Raymond James & Associates lifted its holdings in Summit Materials by 67.6% during the second quarter. Raymond James & Associates now owns 269,232 shares of the construction company’s stock worth $9,857,000 after buying an additional 108,620 shares during the period. Fifth Third Bancorp boosted its position in Summit Materials by 501.5% during the second quarter. Fifth Third Bancorp now owns 8,554 shares of the construction company’s stock valued at $313,000 after purchasing an additional 7,132 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Summit Materials by 3.1% in the second quarter. Bank of New York Mellon Corp now owns 810,497 shares of the construction company’s stock valued at $29,672,000 after purchasing an additional 24,146 shares during the last quarter. Amica Mutual Insurance Co. raised its holdings in Summit Materials by 10.4% in the second quarter. Amica Mutual Insurance Co. now owns 40,800 shares of the construction company’s stock worth $1,494,000 after purchasing an additional 3,846 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Summit Materials during the second quarter valued at about $5,555,000.

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.