By otakuyassine3@gmail.com 
Stock analysts at StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM – Get Free Report) in a report issued on Sunday. The firm set a “sell” rating on the construction company’s stock.
Several other research firms have also recently issued reports on SUM. DA Davidson lifted their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reissued 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. Truist Financial reaffirmed a “hold” rating and set a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Citigroup reissued a “neutral” rating and set a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $50.54.
View Our Latest Report on Summit Materials
Summit Materials Stock Performance
Shares of SUM opened at $50.54 on Friday. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of 61.63 and a beta of 1.14. The business has a 50-day simple moving average of $49.21 and a two-hundred day simple moving average of $42.10.
Summit Materials (NYSE:SUM – Get Free Report) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm’s revenue was up 49.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 EPS. On average, analysts expect that Summit Materials will post 1.66 EPS for the current year.
Insider Buying and Selling at Summit Materials
In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now directly 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 owned by corporate insiders.
Institutional Trading of Summit Materials
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA raised its position in shares of Summit Materials by 6.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after acquiring an additional 429,062 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after buying an additional 94,694 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Summit Materials by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after buying an additional 241,757 shares in the last quarter. River Road Asset Management LLC raised its stake in shares of Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares in the last quarter.
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.
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