Summit Materials, Inc. (NYSE:SUM) Given Average Recommendation of “Hold” by Brokerages

Summit Materials, Inc. (NYSE:SUM) has received an average rating of “Hold” from the fourteen analysts that are currently covering the firm, Marketbeat reports. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $50.81.

SUM has been the subject of several research reports. DA Davidson boosted their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Loop Capital reiterated a “hold” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th.

Summit Materials Price Performance

SUM stock opened at $50.78 on Friday. The business has a 50 day moving average price of $46.45 and a 200 day moving average price of $41.01. 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 has a market cap of $8.92 billion, a price-to-earnings ratio of 61.93 and a beta of 1.14. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49.

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

Insider Activity

In other 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 transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

Institutional Trading of Summit Materials

A number of institutional investors have recently modified their holdings of SUM. Raymond James & Associates lifted its stake in shares of Summit Materials by 67.6% in the second quarter. Raymond James & Associates now owns 269,232 shares of the construction company’s stock valued at $9,857,000 after purchasing an additional 108,620 shares during the period. Fifth Third Bancorp lifted its position in shares of Summit Materials by 501.5% during the 2nd quarter. Fifth Third Bancorp now owns 8,554 shares of the construction company’s stock valued at $313,000 after acquiring an additional 7,132 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Summit Materials by 3.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 810,497 shares of the construction company’s stock worth $29,672,000 after acquiring an additional 24,146 shares in the last quarter. Amica Mutual Insurance Co. grew its holdings in shares of Summit Materials by 10.4% in the 2nd quarter. Amica Mutual Insurance Co. now owns 40,800 shares of the construction company’s stock worth $1,494,000 after acquiring an additional 3,846 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in Summit Materials in the 2nd quarter valued at approximately $5,555,000.

Summit Materials Company Profile

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.