Summit Materials (NYSE:SUM) Now Covered by StockNews.com

StockNews.com started coverage on shares of Summit Materials (NYSE:SUM) in a report published on Tuesday morning. The brokerage issued a sell rating on the construction company’s stock.

A number of other brokerages have also commented on SUM. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. DA Davidson boosted their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Loop Capital restated 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, Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One research 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. According to MarketBeat, Summit Materials presently has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $52.06 on Tuesday. Summit Materials has a 12 month low of $34.38 and a 12 month high of $53.49. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $9.14 billion, a PE ratio of 63.49 and a beta of 1.14. The stock’s fifty day simple moving average is $50.61 and its 200 day simple moving average is $43.28.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the business posted $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, research analysts predict that Summit Materials will post 1.66 EPS for the current year.

Insider Buying and Selling at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 40,221 shares of the company’s stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

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

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.