Summit Materials (NYSE:SUM) Cut to “Sell” at StockNews.com

Summit Materials (NYSE:SUM) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Wednesday.

SUM has been the subject of a number of other reports. Jefferies Financial Group lowered their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. DA Davidson raised their target price on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Royal Bank of Canada upped their target price on Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Morgan Stanley started coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Summit Materials presently has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Stock Up 0.0 %

Shares of NYSE:SUM traded up $0.02 during trading on Wednesday, hitting $48.41. The company’s stock had a trading volume of 753,949 shares, compared to its average volume of 1,068,239. The company has a market capitalization of $8.50 billion, a PE ratio of 59.04 and a beta of 1.14. Summit Materials has a fifty-two week low of $33.93 and a fifty-two week high of $51.74. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock’s 50-day moving average price is $42.24 and its two-hundred day moving average price is $39.75.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The company 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%. Summit Materials’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 EPS. As a group, sell-side analysts expect that Summit Materials will post 1.64 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Several institutional investors have recently made changes to their positions in SUM. V Square Quantitative Management LLC bought a new stake in Summit Materials in the third quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials during the third quarter valued at about $28,000. Toth Financial Advisory Corp increased its position in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after buying an additional 913 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Summit Materials in the second 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.