Summit Materials (NYSE:SUM) Earns Sell Rating from Analysts at StockNews.com

Equities research analysts at StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUMGet Free Report) in a research report issued on Thursday. The firm set a “sell” rating on the construction company’s stock.

SUM has been the subject of several other research reports. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and lowered their price target for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Finally, Loop Capital restated a “hold” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $50.54.

Check Out Our Latest Research Report on SUM

Summit Materials Stock Up 0.1 %

NYSE:SUM opened at $52.35 on Thursday. The firm’s 50 day simple moving average is $51.19 and its 200 day simple moving average is $44.39. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials has a one year low of $34.64 and a one year high of $53.49. The company has a market cap of $9.19 billion, a PE ratio of 63.84 and a beta of 1.14.

Summit Materials (NYSE:SUMGet Free Report) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the company earned $0.81 EPS. The firm’s revenue was up 49.9% compared to the same quarter last year. On average, research analysts anticipate that Summit Materials will post 1.66 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SUM. Assenagon Asset Management S.A. lifted its holdings in shares of Summit Materials by 1,436.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after buying an additional 822,222 shares in the last quarter. River Road Asset Management LLC lifted its holdings in shares of Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after buying an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after buying an additional 429,062 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after buying an additional 313,957 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Summit Materials in the third quarter worth about $8,045,000.

Summit Materials Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Summit Materials (NYSE:SUM)

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