By otakuyassine3@gmail.com 
Jefferies Financial Group lowered shares of Summit Materials (NYSE:SUM – Free Report) from a buy rating to a hold rating in a report issued on Monday morning, MarketBeat reports. They currently have $52.50 target price on the construction company’s stock, down from their prior target price of $58.00.
SUM has been the topic of several other reports. Wolfe Research reaffirmed a “peer perform” rating 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 report on Tuesday, November 26th. Citigroup reiterated a “neutral” rating and set a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, DA Davidson raised their price objective on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $50.54.
View Our Latest Stock Report on SUM
Summit Materials Price Performance
Shares of NYSE SUM opened at $50.37 on Monday. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The stock has a market capitalization of $8.85 billion, a price-to-earnings ratio of 61.43 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. The business has a 50-day moving average of $47.54 and a 200-day moving average of $41.35.
Summit Materials (NYSE:SUM – Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the company earned $0.81 earnings per share. The business’s revenue was up 49.9% compared to the same quarter last year. As a group, sell-side analysts predict that Summit Materials will post 1.66 earnings per share for the current fiscal year.
Insider Activity at Summit Materials
In other news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Summit Materials
A number of hedge funds have recently added to or reduced their stakes in SUM. V Square Quantitative Management LLC acquired a new stake in shares of Summit Materials during the 3rd quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials during the third quarter worth about $28,000. Toth Financial Advisory Corp grew its stake in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares in the last quarter. International Assets Investment Management LLC increased its holdings 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 period. Finally, Quest Partners LLC acquired a new position in shares of Summit Materials in the 2nd quarter valued at approximately $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.
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