Summit Materials (NYSE:SUM) Rating Lowered to Hold at Jefferies Financial Group

Summit Materials (NYSE:SUM) was downgraded by equities researchers at Jefferies Financial Group from a “buy” rating to a “hold” rating in a report issued on Monday, Marketbeat.com reports. They presently have a $52.50 price target on the construction company’s stock, down from their previous price target of $58.00. Jefferies Financial Group’s price target points to a potential upside of 3.37% from the company’s previous close.

Several other brokerages have also recently weighed in on SUM. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. DA Davidson upped 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. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Citigroup reissued a “neutral” rating and issued a $52.50 target price (down from $55.00) 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 given a buy rating to the company. According to MarketBeat, Summit Materials presently has a consensus rating of “Hold” and a consensus price target of $50.54.

Summit Materials Stock Performance

Shares of SUM opened at $50.79 on Monday. Summit Materials has a one year low of $34.38 and a one year high of $53.49. The business has a fifty day moving average of $47.29 and a 200 day moving average of $41.29. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The firm has a market capitalization of $8.92 billion, a P/E ratio of 61.94 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’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 earned $0.81 EPS. As a group, sell-side analysts anticipate that Summit Materials will post 1.66 EPS for the current year.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was 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 approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Summit Materials

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after purchasing an additional 94,694 shares in the last quarter. Ausbil Investment Management Ltd lifted its position in Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after purchasing an additional 18,706 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Summit Materials by 3.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock worth $11,230,000 after buying an additional 10,463 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Summit Materials by 3.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after buying an additional 27,225 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after buying an additional 313,957 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.