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

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

SUM has been the subject of a number of other reports. DA Davidson boosted their target price on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and decreased their price target for the company from $58.00 to $52.50 in a report on Monday, December 16th. Finally, Wolfe Research reissued 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, eleven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Trading Down 0.2 %

SUM stock opened at $52.32 on Thursday. 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 stock has a market capitalization of $9.19 billion, a price-to-earnings ratio of 63.80 and a beta of 1.14. The business has a fifty day moving average price of $51.29 and a 200 day moving average price of $44.50. Summit Materials has a fifty-two week low of $34.64 and a fifty-two week high of $53.49.

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

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction 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 trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.55% of the stock is owned by corporate insiders.

Institutional Trading of Summit Materials

Institutional investors have recently modified their holdings of the company. Versant Capital Management Inc raised its position in Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after buying an additional 353 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after purchasing an additional 411 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Summit Materials in the fourth quarter worth $25,000. Toth Financial Advisory Corp boosted its holdings in Summit Materials by 147.1% during 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. Finally, Alliance Wealth Advisors LLC UT grew its position in Summit Materials by 3.5% in the fourth quarter. Alliance Wealth Advisors LLC UT now owns 18,263 shares of the construction company’s stock valued at $924,000 after purchasing an additional 611 shares in the last quarter.

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.