Summit Materials (NYSE:SUM) Downgraded by Jefferies Financial Group to Hold

Summit Materials (NYSE:SUM) was downgraded by stock analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research note issued on Monday,Briefing.com Automated Import reports. They presently have a $52.50 target price on the construction company’s stock, down from their previous target price of $58.00. Jefferies Financial Group’s price target points to a potential upside of 3.39% from the stock’s current price.

A number of other research firms have also commented on SUM. Citigroup restated a “neutral” rating and issued a $52.50 price objective (down from $55.00) 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 report on Tuesday, November 26th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Loop Capital restated a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Price Performance

NYSE SUM opened at $50.78 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 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 52 week low of $34.38 and a 52 week high of $53.49. The firm’s 50-day simple moving average is $46.73 and its two-hundred day simple moving average is $41.12.

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 company had revenue of $1.11 billion for 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 company’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 earnings per share. Research analysts predict that Summit Materials will post 1.66 earnings per share for the current year.

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Johnson Investment Counsel Inc. grew its holdings in Summit Materials by 5.8% in 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 during the last quarter. Assetmark Inc. increased its holdings in Summit Materials by 6.3% during 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 during the period. Waycross Investment Management Co increased its holdings in Summit Materials by 1.0% during 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 period. Xponance Inc. raised its position in Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after purchasing an additional 448 shares during the last quarter. Finally, Toth Financial Advisory Corp lifted its holdings 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.

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.