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

Summit Materials (NYSE:SUM) was downgraded by equities researchers at Stephens from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Other analysts have also issued research reports about the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Citigroup restated a “neutral” rating and set a $52.50 target price (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Barclays upgraded 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 report on Tuesday, October 29th. StockNews.com assumed coverage on shares of Summit Materials in a research note on Monday. They issued a “sell” rating for the company. Finally, Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Summit Materials currently has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Price Performance

Summit Materials stock opened at $52.05 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company has a market cap of $9.14 billion, a price-to-earnings ratio of 63.48 and a beta of 1.14. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. The firm has a 50 day moving average price of $50.23 and a 200 day moving average price of $42.78.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share 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 firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the previous year, the company posted $0.81 earnings per share. Summit Materials’s revenue was up 49.9% compared to the same quarter last year. Sell-side analysts predict that Summit Materials will post 1.66 earnings per share for the current year.

Insider Activity

In related 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 transaction of $78,197.76. Following the completion of the sale, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Several institutional investors have recently made changes to their positions in the company. River Road Asset Management LLC raised its stake in shares of Summit Materials by 15.9% in 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 acquiring an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after buying an additional 448,922 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after buying an additional 399,072 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Summit Materials by 21.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after buying an additional 313,957 shares during the last quarter. Finally, Troluce Capital Advisors LLC acquired a new position in Summit Materials during the 2nd quarter worth $10,983,000.

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.