Summit Materials (NYSE:SUM) Earns Sell Rating from Analysts at StockNews.com

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

Other equities analysts have also recently issued research reports about the stock. Truist Financial reissued a “hold” rating and set a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $50.54.

Summit Materials Stock Performance

SUM opened at $52.22 on Wednesday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $50.96 and its 200-day moving average is $43.97. The stock has a market cap of $9.17 billion, a PE ratio of 63.68 and a beta of 1.14. Summit Materials has a twelve month low of $34.64 and a twelve month high of $53.49.

Summit Materials (NYSE:SUM) last announced its quarterly 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. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 EPS. On average, analysts predict that Summit Materials will post 1.66 earnings per share for the current year.

Insider Buying and Selling at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now owns 40,221 shares of the company’s stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Summit Materials during the 4th quarter valued at $704,000. Franklin Resources Inc. purchased a new stake in shares of Summit Materials during the third quarter worth $7,359,000. Principal Financial Group Inc. boosted its position in 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 purchasing an additional 94,694 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Summit Materials by 1,436.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after purchasing an additional 822,222 shares in the last quarter. Finally, Ausbil Investment Management Ltd increased its position in Summit Materials by 355.8% in the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after purchasing an additional 18,706 shares during the last quarter.

About Summit Materials

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.