Stifel Nicolaus Cuts Summit Materials (NYSE:SUM) Price Target to $47.00

Summit Materials (NYSE:SUM) had its price target reduced by research analysts at Stifel Nicolaus from $55.00 to $47.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Stifel Nicolaus’ target price indicates a potential upside of 32.02% from the stock’s current price.

SUM has been the topic of a number of other research reports. StockNews.com lowered Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Citigroup boosted their price objective on Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Wolfe Research raised Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research note on Wednesday, May 15th. Royal Bank of Canada upped their price target on Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Friday, May 3rd. Finally, The Goldman Sachs Group upped their price target on Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, March 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.08.

Summit Materials Trading Down 0.1 %

Shares of SUM stock opened at $35.60 on Wednesday. The firm has a market capitalization of $6.25 billion, a P/E ratio of 15.89 and a beta of 1.15. Summit Materials has a twelve month low of $29.98 and a twelve month high of $44.89. The company has a quick ratio of 1.93, a current ratio of 2.58 and a debt-to-equity ratio of 0.66. The stock’s fifty day simple moving average is $38.47 and its 200 day simple moving average is $39.29.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. The business had revenue of $773.23 million for the quarter, compared to analyst estimates of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. Summit Materials’s quarterly revenue was up 89.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.26) EPS. As a group, sell-side analysts predict that Summit Materials will post 1.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $40.21, for a total value of $2,034,183.69. Following the completion of the sale, the insider now directly owns 60,630 shares of the company’s stock, valued at $2,437,932.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently made changes to their positions in the stock. Signaturefd LLC grew its position in shares of Summit Materials by 110.3% in the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares in the last quarter. Parallel Advisors LLC boosted its stake in Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after buying an additional 399 shares during the period. Register Financial Advisors LLC bought a new stake in Summit Materials during the first quarter valued at $45,000. Quadrant Capital Group LLC boosted its stake in Summit Materials by 25.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after buying an additional 382 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in Summit Materials during the first quarter valued at $102,000.

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.