StockNews.com Initiates Coverage on Summit Materials (NYSE:SUM)

Equities research analysts at StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a report issued on Saturday. The brokerage set a “sell” rating on the construction company’s stock.

Other equities analysts also recently issued reports about the stock. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial restated a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $52.50 price target (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Finally, Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Stock Up 0.3 %

SUM opened at $50.50 on Friday. The company has a market cap of $8.87 billion, a PE ratio of 61.59 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 moving average price of $48.02 and a 200 day moving average price of $41.55. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the business posted $0.81 earnings per share. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. Sell-side analysts expect that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the transaction, the insider now directly owns 40,221 shares in the company, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Summit Materials

Hedge funds have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA lifted its holdings in Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after buying an additional 429,062 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares during the period. Victory Capital Management Inc. raised its stake in shares of Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares in the last quarter. River Road Asset Management LLC boosted its holdings in Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after purchasing an additional 488,688 shares during the period. Finally, Geode Capital Management LLC grew its stake in Summit Materials by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares in the last quarter.

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.