Summit Materials, Inc. (NYSE:SUM) Given Consensus Recommendation of “Hold” by Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned an average recommendation of “Hold” from the fourteen ratings firms that are currently covering the company, Marketbeat.com reports. Ten equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $50.54.

Several equities research analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Summit Materials in a research note on Saturday. They issued a “sell” rating for the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. DA Davidson upped their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th.

Insider Transactions at Summit Materials

In related 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 value of $78,197.76. Following the completion of the transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at $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 SEC, which is available through the SEC website. 0.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Summit Materials

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its holdings in shares of Summit Materials by 1.8% in 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 in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in Summit Materials in the 3rd quarter valued at $203,000. Franklin Resources Inc. bought a new position in Summit Materials in the 3rd quarter valued at $7,359,000. Synovus Financial Corp increased its stake in shares of Summit Materials by 13.6% in the 3rd quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after buying an additional 3,390 shares during the period. Finally, Tidal Investments LLC raised its position in shares of Summit Materials by 32.0% during the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock worth $534,000 after acquiring an additional 3,321 shares during the last quarter.

Summit Materials Stock Up 0.3 %

SUM opened at $50.50 on Friday. The business has a 50 day moving average of $48.02 and a 200-day moving average of $41.50. The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of 61.59 and a beta of 1.14. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials has a 1-year low of $34.38 and a 1-year high of $53.49.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion during 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 business’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 EPS. As a group, sell-side analysts anticipate that Summit Materials will post 1.66 earnings per share for the current year.

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.