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

StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a research note published on Friday morning. The firm issued a sell rating on the construction company’s stock.

Other equities analysts also recently issued research reports about the company. Morgan Stanley assumed coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. Truist Financial reaffirmed a “hold” rating and issued a $52.50 target price (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 price target (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Finally, Citigroup reiterated a “neutral” rating and set a $52.50 target price (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials has an average rating of “Hold” and a consensus target price of $50.81.

Summit Materials Price Performance

Shares of NYSE SUM opened at $50.78 on Friday. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. The stock has a market capitalization of $8.92 billion, a P/E ratio of 61.93 and a beta of 1.14. The company’s 50-day moving average is $46.73 and its 200 day moving average is $41.09. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Summit Materials (NYSE:SUM) last posted 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 period in the previous year, the firm posted $0.81 EPS. The business’s revenue was up 49.9% on a year-over-year basis. On average, sell-side analysts expect that Summit Materials will post 1.66 earnings per share 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 transaction of $78,197.76. Following the sale, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Summit Materials

Hedge funds and other institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials in the third quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials in the 3rd quarter worth approximately $28,000. Toth Financial Advisory Corp grew its position in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC raised its stake in Summit Materials by 3,804.2% during 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. Finally, Quest Partners LLC bought a new position in shares of Summit Materials during the 2nd quarter valued at $40,000.

About Summit Materials

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.