Summit Materials (NYSE:SUM) Coverage Initiated at StockNews.com

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

SUM has been the subject of several other research reports. Loop Capital reaffirmed a “hold” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup reaffirmed a “neutral” rating and issued a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. DA Davidson upped their price target on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One equities 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 stock. According to MarketBeat, Summit Materials presently has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Price Performance

Summit Materials stock opened at $52.20 on Wednesday. The stock has a market cap of $9.17 billion, a price-to-earnings ratio of 63.65 and a beta of 1.14. 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 has a 1 year low of $34.64 and a 1 year high of $53.49. The firm has a 50-day moving average of $50.82 and a two-hundred day moving average of $43.85.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $1.17 billion. During the same period in the previous year, the company earned $0.81 EPS. The firm’s quarterly revenue was up 49.9% on a year-over-year basis. On average, research analysts forecast that Summit Materials will post 1.66 earnings per share for the current year.

Insider Buying and Selling at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now owns 40,221 shares in the company, 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 Trading of Summit Materials

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc increased its stake in shares of Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after acquiring an additional 353 shares during the period. Assetmark Inc. increased its stake in shares of Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after acquiring an additional 411 shares during the period. Xponance Inc. increased its stake in shares of Summit Materials by 6.2% in the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after acquiring an additional 448 shares during the period. Toth Financial Advisory Corp increased its stake in shares of Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares during the period. Finally, KBC Group NV increased its stake in shares of Summit Materials by 19.8% in the third quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock worth $149,000 after acquiring an additional 629 shares during the period.

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.