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

Investment analysts at StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a research note issued to investors on Sunday. The firm set a “sell” rating on the construction company’s stock.

A number of other research analysts also recently commented on SUM. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. DA Davidson lifted their price target on Summit Materials from $41.00 to $47.00 and gave the company 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 research note on Monday, November 25th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Summit Materials currently has an average rating of “Hold” and an average price target of $50.54.

Summit Materials Price Performance

SUM stock opened at $50.56 on Friday. The company has a market capitalization of $8.88 billion, a PE ratio of 61.66 and a beta of 1.14. The stock’s 50 day moving average is $49.02 and its two-hundred day moving average is $41.98. 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 has a 52-week low of $34.38 and a 52-week high of $53.49.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping 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 company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the firm earned $0.81 EPS. The business’s revenue was up 49.9% on a year-over-year basis. Analysts predict that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Buying and Selling

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 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 in the company, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Summit Materials

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

Summit Materials Company Profile

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.