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

StockNews.com started coverage on shares of Summit Materials (NYSE:SUM) in a research note released on Thursday. The brokerage issued a sell rating on the construction company’s stock.

A number of other analysts also recently issued reports on the company. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. DA Davidson upped their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. 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 note on Tuesday, November 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Performance

NYSE SUM opened at $52.39 on Thursday. 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 capitalization of $9.20 billion, a PE ratio of 63.88 and a beta of 1.14. Summit Materials has a 52-week low of $34.64 and a 52-week high of $53.49. The company has a 50-day simple moving average of $51.27 and a 200 day simple moving average of $44.44.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company 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. Summit Materials’s quarterly revenue was up 49.9% compared to the same quarter last year. On average, research analysts predict that Summit Materials will post 1.66 EPS for the current year.

Insider Buying and Selling

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 value of $78,197.76. Following the transaction, the insider now owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Valmark Advisers Inc. lifted its holdings in Summit Materials by 15.6% in the fourth quarter. Valmark Advisers Inc. now owns 37,550 shares of the construction company’s stock worth $1,900,000 after buying an additional 5,060 shares during the period. Congress Asset Management Co. grew its position in Summit Materials by 9.5% during the 4th quarter. Congress Asset Management Co. now owns 557,830 shares of the construction company’s stock valued at $28,226,000 after purchasing an additional 48,421 shares during the last quarter. Rhumbline Advisers increased its position in shares of Summit Materials by 3.7% during the fourth quarter. Rhumbline Advisers now owns 209,094 shares of the construction company’s stock valued at $10,580,000 after acquiring an additional 7,510 shares in the last quarter. ABC Arbitrage SA purchased a new position in shares of Summit Materials in the fourth quarter worth $5,430,000. Finally, Empowered Funds LLC purchased a new stake in shares of Summit Materials during the 4th quarter valued at about $25,000.

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.