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

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

Several other equities analysts have also recently issued reports on the stock. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Truist Financial reissued a “hold” rating and set a $52.50 price objective (down from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Loop Capital reaffirmed a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Trading Up 0.3 %

Summit Materials stock opened at $50.50 on Friday. Summit Materials has a 12-month low of $34.38 and a 12-month high of $53.49. The stock has a market capitalization of $8.87 billion, a PE ratio of 61.59 and a beta of 1.14. The firm has a 50 day simple moving average of $48.02 and a 200-day simple moving average of $41.50. 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 (NYSE:SUM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the business earned $0.81 EPS. The company’s quarterly revenue was up 49.9% compared to the same quarter last year. As a group, equities research analysts expect that Summit Materials will post 1.66 EPS for the current fiscal year.

Insider Activity

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

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

About Summit Materials

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.