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

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

Several other equities analysts also recently issued reports on SUM. Truist Financial reiterated a “hold” rating and issued a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. DA Davidson raised their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Citigroup reaffirmed a “neutral” rating and issued a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Wolfe Research reissued a “peer perform” 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 assigned a buy rating to the stock. According to MarketBeat, Summit Materials currently has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Trading Down 0.2 %

Shares of SUM opened at $52.05 on Monday. The firm has a market capitalization of $9.14 billion, a price-to-earnings ratio of 63.48 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 stock’s 50-day moving average price is $50.23 and its 200 day moving average price is $42.78. 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 (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share. As a group, research analysts predict 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 Summit Materials stock in a transaction on 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 transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SUM. Franklin Resources Inc. bought a new position in shares of Summit Materials in the 3rd quarter valued at $7,359,000. Principal Financial Group Inc. raised its stake in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Ausbil Investment Management Ltd lifted its holdings in shares of Summit Materials by 355.8% in the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after acquiring an additional 18,706 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted 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 valued at $11,230,000 after purchasing an additional 10,463 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position in Summit Materials by 3.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after purchasing an additional 27,225 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.