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

Jefferies Financial Group downgraded shares of Summit Materials (NYSE:SUM) from a buy rating to a hold rating in a report published on Monday, Marketbeat Ratings reports. They currently have $52.50 price target on the construction company’s stock, down from their previous price target of $58.00.

Several other brokerages have also recently weighed in on SUM. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target for the company. DA Davidson upped their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Finally, Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials presently has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Performance

NYSE:SUM opened at $50.37 on Monday. The firm has a market capitalization of $8.85 billion, a PE ratio of 61.43 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The stock’s 50-day simple moving average is $47.54 and its 200 day simple moving average is $41.35. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share 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 company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the business posted $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, analysts anticipate that Summit Materials will post 1.66 EPS for the current fiscal year.

Insiders Place Their Bets

In related 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 completion of the sale, the insider now directly 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 SEC, which can be accessed through this link. Insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials during the 3rd quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Summit Materials during the third quarter worth about $28,000. Toth Financial Advisory Corp raised its position in 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 acquiring an additional 500 shares during the period. International Assets Investment Management LLC boosted its stake in 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 valued at $37,000 after acquiring an additional 913 shares during the last quarter. Finally, Quest Partners LLC bought a new position in shares of Summit Materials during the 2nd quarter valued at approximately $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.