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

Analysts at StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a research report issued on Sunday. The brokerage set a “sell” rating on the construction company’s stock.

Other research analysts also recently issued reports about the company. Truist Financial reaffirmed a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. DA Davidson boosted their target price on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, Loop Capital reissued a “hold” rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $50.54 on Friday. Summit Materials has a one year low of $34.38 and a one year high of $53.49. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market cap of $8.88 billion, a price-to-earnings ratio of 61.63 and a beta of 1.14. The firm has a 50 day simple moving average of $49.21 and a 200 day simple moving average of $42.10.

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 return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the company earned $0.81 EPS. Summit Materials’s revenue was up 49.9% compared to the same quarter last year. Research analysts predict that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Activity

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the 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 transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds have recently added to or reduced their stakes in SUM. Johnson Investment Counsel Inc. lifted its holdings in shares of Summit Materials by 5.8% during the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after purchasing an additional 327 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after purchasing an additional 411 shares during the last quarter. Xponance Inc. lifted its position in Summit Materials by 6.2% during the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after purchasing an additional 448 shares during the period. Toth Financial Advisory Corp boosted its holdings in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. Finally, KBC Group NV grew its position in Summit Materials by 19.8% in the 3rd quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock worth $149,000 after purchasing an additional 629 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.