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

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned an average recommendation of “Hold” from the fourteen research firms that are currently covering the firm, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $50.54.

Several research analysts have issued reports on SUM shares. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and cut their price target for the stock from $58.00 to $52.50 in a report on Monday. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Finally, Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were 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 approximately $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Summit Materials

Several hedge funds have recently added to or reduced their stakes in SUM. River Road Asset Management LLC increased its stake in shares of Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after purchasing an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after purchasing an additional 448,922 shares during the period. Millennium Management LLC increased its position in Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after buying an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after buying an additional 313,957 shares during the period. Finally, Troluce Capital Advisors LLC purchased a new position in shares of Summit Materials during the 2nd quarter valued at $10,983,000.

Summit Materials Stock Performance

NYSE:SUM opened at $50.37 on Friday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49. The company has a fifty day moving average of $47.54 and a 200-day moving average of $41.35. The firm has a market capitalization of $8.85 billion, a P/E ratio of 61.43 and a beta of 1.14.

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

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.