Summit Materials (NYSE:SUM) Downgraded to Hold Rating by Stephens

Stephens lowered shares of Summit Materials (NYSE:SUM) from a strong-buy rating to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

SUM has been the topic of several other reports. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup reissued a “neutral” rating and issued a $52.50 price target (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Truist Financial reaffirmed a “hold” rating and set a $52.50 price objective (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Loop Capital reiterated a “hold” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $50.54.

Summit Materials Stock Performance

Shares of SUM opened at $52.05 on Tuesday. The company has a 50-day moving average of $50.32 and a two-hundred day moving average of $42.84. The stock has a market cap of $9.14 billion, a price-to-earnings ratio of 63.48 and a beta of 1.14. 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 $34.38 and a one year high of $53.49.

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 net margin of 3.92% and a return on equity of 6.90%. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business posted $0.81 EPS. The company’s revenue was up 49.9% on a year-over-year basis. On average, equities research analysts expect that Summit Materials will post 1.66 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction 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 approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SUM. V Square Quantitative Management LLC acquired a new stake in shares of Summit Materials in the third quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Summit Materials in the 3rd quarter worth approximately $28,000. Versant Capital Management Inc increased its position in Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after buying an additional 353 shares during the period. Toth Financial Advisory Corp lifted its holdings in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares during the period.

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.