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

Shares of Summit Materials, Inc. (NYSE:SUMGet Rating) have been assigned an average rating of “Hold” from the twelve brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $39.67.

A number of analysts recently commented on SUM shares. Zacks Investment Research lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 28th. Morgan Stanley decreased their target price on Summit Materials from $42.00 to $41.00 and set an “equal weight” rating on the stock in a report on Monday, April 18th. Finally, StockNews.com lowered Summit Materials from a “hold” rating to a “sell” rating in a report on Friday.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUM. FMR LLC increased its holdings in shares of Summit Materials by 1.9% in the first quarter. FMR LLC now owns 2,735,230 shares of the construction company’s stock worth $43,408,000 after buying an additional 50,440 shares during the period. First Trust Advisors LP lifted its position in Summit Materials by 16.2% in the 1st quarter. First Trust Advisors LP now owns 137,267 shares of the construction company’s stock valued at $2,178,000 after acquiring an additional 19,123 shares in the last quarter. Morgan Stanley lifted its position in Summit Materials by 33.1% in the 2nd quarter. Morgan Stanley now owns 432,400 shares of the construction company’s stock valued at $15,069,000 after acquiring an additional 107,523 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Summit Materials by 4.4% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 8,936 shares of the construction company’s stock valued at $286,000 after acquiring an additional 374 shares in the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of Summit Materials by 3.3% during the 3rd quarter. Raymond James & Associates now owns 76,093 shares of the construction company’s stock valued at $2,433,000 after buying an additional 2,402 shares during the period.

Shares of NYSE:SUM traded up $0.47 during midday trading on Monday, reaching $26.03. The company’s stock had a trading volume of 861,619 shares, compared to its average volume of 775,172. Summit Materials has a fifty-two week low of $24.08 and a fifty-two week high of $41.46. The company has a market capitalization of $3.09 billion, a P/E ratio of 22.06 and a beta of 1.30. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.55 and a quick ratio of 1.94. The business’s fifty day simple moving average is $29.46 and its 200-day simple moving average is $34.37.

Summit Materials (NYSE:SUMGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The construction company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.03). The firm had revenue of $392.50 million during the quarter, compared to analyst estimates of $395.55 million. Summit Materials had a return on equity of 7.02% and a net margin of 5.84%. Summit Materials’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.33) earnings per share. On average, analysts forecast that Summit Materials will post 1.49 earnings per share for the current fiscal year.

About Summit Materials (Get Rating)

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, and residential and nonresidential end markets. It operates through three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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Analyst Recommendations for Summit Materials (NYSE:SUM)

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