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

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

SUM has been the subject of several other reports. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. 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 research note on Tuesday, October 29th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $52.50 target price (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Trading Down 0.1 %

SUM stock opened at $50.81 on Thursday. Summit Materials has a 1-year low of $34.38 and a 1-year high of $53.49. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $45.41 and its 200-day moving average is $40.69. The firm has a market cap of $8.92 billion, a P/E ratio of 61.96 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion for 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 business’s revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 earnings per share. Equities analysts anticipate that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. acquired a new stake in shares of Summit Materials during the third quarter worth about $7,359,000. Synovus Financial Corp raised its holdings in shares of Summit Materials by 13.6% during the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock worth $1,102,000 after acquiring an additional 3,390 shares during the period. Tidal Investments LLC lifted its position in Summit Materials by 32.0% in the 3rd quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock valued at $534,000 after acquiring an additional 3,321 shares in the last quarter. World Investment Advisors LLC acquired a new position in Summit Materials in the 3rd quarter worth $457,000. Finally, Sanctuary Advisors LLC increased its holdings in Summit Materials by 50.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock worth $991,000 after purchasing an additional 8,559 shares in the last quarter.

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.