Summit Materials (NYSE:SUM) Coverage Initiated at StockNews.com

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

Several other research analysts also recently commented on SUM. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Loop Capital reaffirmed a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. DA Davidson lifted their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Truist Financial reissued a “hold” rating and issued a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Citigroup reiterated 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 research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Summit Materials currently has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

SUM stock opened at $51.10 on Monday. The stock has a market cap of $8.97 billion, a PE ratio of 62.32 and a beta of 1.14. Summit Materials has a 12 month low of $34.38 and a 12 month high of $53.49. The company has a 50-day moving average price of $49.88 and a 200 day moving average price of $42.49. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The company’s revenue for the quarter was up 49.9% compared to the same quarter last year. Equities research analysts anticipate that Summit Materials will post 1.66 earnings per share for the current year.

Insider Activity

In other Summit Materials 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 value of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently modified their holdings of SUM. Rhumbline Advisers increased its stake in Summit Materials by 9.6% during the 2nd quarter. Rhumbline Advisers now owns 213,302 shares of the construction company’s stock valued at $7,809,000 after purchasing an additional 18,625 shares in the last quarter. Arizona State Retirement System lifted its position in Summit Materials by 4.7% during the 2nd quarter. Arizona State Retirement System now owns 34,382 shares of the construction company’s stock worth $1,259,000 after acquiring an additional 1,540 shares during the period. Quest Partners LLC purchased a new stake in Summit Materials during the 2nd quarter valued at about $40,000. Ashton Thomas Private Wealth LLC purchased a new stake in Summit Materials during the 2nd quarter valued at about $154,000. Finally, Choreo LLC acquired a new position in shares of Summit Materials in the second quarter valued at about $382,000.

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.