Summit Materials (NYSE:SUM) Downgraded to “Sell” Rating by StockNews.com

StockNews.com cut shares of Summit Materials (NYSE:SUM) from a hold rating to a sell rating in a report published on Wednesday.

A number of other equities analysts have also recently weighed in on SUM. Jefferies Financial Group decreased their price objective on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. DA Davidson raised their price objective on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Truist Financial lifted their price objective on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Stephens reissued an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, 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 report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.38.

Summit Materials Stock Performance

NYSE:SUM opened at $48.41 on Wednesday. The firm’s fifty day simple moving average is $42.24 and its 200 day simple moving average is $39.75. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials has a twelve month low of $33.93 and a twelve month high of $51.74. The firm has a market capitalization of $8.50 billion, a price-to-earnings ratio of 59.04 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.81 earnings per share. As a group, equities research analysts expect that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SUM. Vanguard Group Inc. raised its holdings in shares of Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after buying an additional 262,179 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Summit Materials by 14.2% during the 1st quarter. Advisors Asset Management Inc. now owns 83,476 shares of the construction company’s stock valued at $3,721,000 after acquiring an additional 10,411 shares in the last quarter. Epoch Investment Partners Inc. boosted its position in Summit Materials by 17.1% during the 1st quarter. Epoch Investment Partners Inc. now owns 224,017 shares of the construction company’s stock worth $9,984,000 after acquiring an additional 32,679 shares during the period. Hood River Capital Management LLC bought a new position in shares of Summit Materials in the first quarter worth $33,206,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Summit Materials by 0.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock valued at $393,871,000 after purchasing an additional 22,840 shares during the period.

Summit Materials Company Profile

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.