Summit Materials (NYSE:SUM) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Summit Materials (NYSE:SUM) from a hold rating to a sell rating in a research note published on Wednesday morning.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. reduced their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Citigroup dropped their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Royal Bank of Canada raised their target price on shares of Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Morgan Stanley started coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.38.

Summit Materials Stock Up 0.0 %

Shares of SUM stock opened at $48.41 on Wednesday. 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 stock has a market cap of $8.50 billion, a PE ratio of 59.04 and a beta of 1.14. The business’s fifty day moving average is $42.24 and its 200-day moving average is $39.75. Summit Materials has a 1 year low of $33.93 and a 1 year high of $51.74.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company earned $0.81 earnings per share. Summit Materials’s revenue was up 49.9% compared to the same quarter last year. Equities analysts expect that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Trading of Summit Materials

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after purchasing an additional 262,179 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Summit Materials by 14.2% during the 1st quarter. Advisors Asset Management Inc. now owns 83,476 shares of the construction company’s stock worth $3,721,000 after purchasing an additional 10,411 shares during the last quarter. Epoch Investment Partners Inc. increased its stake in shares of 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 purchasing an additional 32,679 shares during the last quarter. Hood River Capital Management LLC bought a new position in shares of Summit Materials during the 1st quarter valued at $33,206,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Summit Materials by 0.3% in the 1st 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 last quarter.

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.