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

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

Several other equities research analysts have also commented on SUM. Loop Capital reiterated a “hold” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Citigroup reiterated a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $50.81.

Summit Materials Stock Down 0.2 %

Shares of NYSE:SUM opened at $50.85 on Friday. 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 has a 52-week low of $34.38 and a 52-week high of $53.49. The business’s 50 day simple moving average is $46.18 and its two-hundred day simple moving average is $40.94. The firm has a market cap of $8.93 billion, a P/E ratio of 62.01 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the business posted $0.81 EPS. The firm’s revenue was up 49.9% compared to the same quarter last year. As a group, research analysts forecast that Summit Materials will post 1.66 EPS for the current fiscal year.

Insider Activity at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred 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 $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Summit Materials

Several institutional investors and hedge funds have recently modified their holdings of SUM. V Square Quantitative Management LLC bought a new stake in Summit Materials in the 3rd quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials in the 3rd quarter worth approximately $28,000. Toth Financial Advisory Corp grew its holdings in shares of 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 purchasing an additional 500 shares during the last quarter. 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 worth $37,000 after buying an additional 913 shares during the period. Finally, Quest Partners LLC bought a new stake in Summit Materials during the 2nd quarter valued at $40,000.

About Summit Materials

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.