Summit Materials (NYSE:SUM) Now Covered by StockNews.com

StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a report issued on Sunday morning. The firm issued a sell rating on the construction company’s stock.

A number of other research firms have also weighed in on SUM. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Citigroup reissued a “neutral” rating and issued a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. DA Davidson lifted their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.54.

Summit Materials Trading Down 0.3 %

NYSE SUM opened at $50.56 on Friday. 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 has a 52 week low of $34.38 and a 52 week high of $53.49. The business has a 50 day moving average price of $49.02 and a 200-day moving average price of $42.01. The company has a market cap of $8.88 billion, a price-to-earnings ratio of 61.66 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 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 business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business posted $0.81 EPS. Summit Materials’s quarterly revenue was up 49.9% on a year-over-year basis. As a group, equities analysts expect that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s 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 sale, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SUM. Massachusetts Financial Services Co. MA raised its stake in Summit Materials by 6.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after acquiring an additional 429,062 shares during the period. Principal Financial Group Inc. raised its position in shares of Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after purchasing an additional 94,694 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after buying an additional 241,757 shares in the last quarter. River Road Asset Management LLC lifted its stake in shares of Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after buying an additional 488,688 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying an additional 9,566 shares during the period.

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.