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

Shares of Summit Materials, Inc. (NYSE:SUM) have received a consensus rating of “Hold” from the fourteen research firms that are currently covering the company, Marketbeat Ratings reports. Eleven research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $50.54.

Several research analysts have commented on SUM shares. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Truist Financial reissued a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $52.10 on Wednesday. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of 63.54 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. The stock’s 50-day moving average is $50.41 and its 200 day moving average is $43.06.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating 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 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 period in the prior year, the business posted $0.81 EPS. On average, sell-side analysts anticipate that Summit Materials will post 1.66 EPS for the current fiscal year.

Insider Transactions at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the 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 of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds have recently made changes to their positions in SUM. River Road Asset Management LLC increased its holdings in shares of Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after purchasing an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Millennium Management LLC increased its stake in Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after acquiring an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after purchasing an additional 313,957 shares during the period. Finally, Troluce Capital Advisors LLC bought a new stake in shares of Summit Materials in the 2nd quarter valued at approximately $10,983,000.

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.