StockNews.com Initiates Coverage on Summit Materials (NYSE:SUM)

Research analysts at StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a research note issued on Monday. The brokerage set a “sell” rating on the construction company’s stock.

Other research analysts have also issued reports about the stock. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and decreased their price target for the company from $58.00 to $52.50 in a report on Monday, December 16th. Citigroup restated a “neutral” rating and issued a $52.50 target price (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial reissued a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials has an average rating of “Hold” and a consensus price target of $50.54.

Summit Materials Trading Up 2.0 %

Shares of NYSE SUM opened at $52.13 on Monday. 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’s 50 day moving average price is $50.12 and its two-hundred day moving average price is $42.71. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49. The stock has a market capitalization of $9.15 billion, a P/E ratio of 63.57 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results 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. The business had revenue of $1.11 billion for 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 business’s revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.81 EPS. On average, analysts anticipate that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Activity at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction 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 approximately $2,047,651.11. This trade represents a 3.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is currently owned by insiders.

Institutional Trading of Summit Materials

Several institutional investors have recently modified their holdings of SUM. Versant Capital Management Inc raised its position in 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 in the last quarter. Principal Financial Group Inc. grew its stake in shares of Summit Materials by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of Summit Materials in the 3rd quarter worth approximately $203,000. Franklin Resources Inc. bought a new stake in shares of Summit Materials in the 3rd quarter worth approximately $7,359,000. Finally, Synovus Financial Corp lifted its stake in Summit Materials by 13.6% during the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after purchasing an additional 3,390 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.