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

StockNews.com started coverage on shares of Summit Materials (NYSE:SUM) in a report published on Wednesday morning. The firm issued a sell rating on the construction company’s stock.

Other research analysts have also recently issued research reports about the stock. Loop Capital restated a “hold” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. DA Davidson lifted their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Finally, Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Trading Up 0.1 %

Shares of Summit Materials stock opened at $52.20 on Wednesday. The company’s fifty day simple moving average is $50.82 and its 200-day simple moving average is $43.85. The stock has a market capitalization of $9.17 billion, a PE ratio of 63.65 and a beta of 1.14. Summit Materials has a 1-year low of $34.64 and a 1-year high of $53.49. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the company earned $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. As a group, equities analysts anticipate that Summit Materials will post 1.66 earnings per share for the current year.

Insider Transactions at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Summit Materials during the 4th quarter valued at about $704,000. Franklin Resources Inc. bought a new position in Summit Materials during the 3rd quarter valued at about $7,359,000. Principal Financial Group Inc. grew its holdings in Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after purchasing an additional 94,694 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Summit Materials by 1,436.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after purchasing an additional 822,222 shares during the last quarter. Finally, Ausbil Investment Management Ltd grew its holdings in Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after purchasing an additional 18,706 shares during the last quarter.

About Summit Materials

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.