Summit Materials (NYSE:SUM) Coverage Initiated at StockNews.com

Equities researchers at StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a research report issued on Friday. The firm set a “sell” rating on the construction company’s stock.

A number of other research firms have also recently weighed in on SUM. JPMorgan Chase & Co. restated a “neutral” rating and issued a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Morgan Stanley started coverage on shares of Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Loop Capital reiterated a “hold” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Summit Materials currently has a consensus rating of “Hold” and a consensus target price of $50.81.

Summit Materials Stock Performance

Shares of SUM opened at $50.78 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The firm has a 50-day moving average of $46.73 and a 200-day moving average of $41.10. The company has a market cap of $8.92 billion, a PE ratio of 61.93 and a beta of 1.14. Summit Materials has a one year low of $34.38 and a one year high of $53.49.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $0.81 earnings per share. As a group, equities analysts forecast that Summit Materials will post 1.66 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s 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 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 document filed with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Summit Materials

Several hedge funds have recently bought and sold shares of the company. Johnson Investment Counsel Inc. boosted its position in shares of Summit Materials by 5.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after acquiring an additional 327 shares in the last quarter. Assetmark Inc. boosted its holdings in shares of Summit Materials by 6.3% in the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after purchasing an additional 411 shares in the last quarter. Waycross Investment Management Co increased its stake in shares of Summit Materials by 1.0% in the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after purchasing an additional 412 shares during the last quarter. Xponance Inc. raised its holdings in shares of Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after buying an additional 448 shares in the last quarter. Finally, Toth Financial Advisory Corp lifted its position in shares of Summit Materials by 147.1% during 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 last quarter.

Summit Materials Company Profile

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.