Summit Materials (NYSE:SUM) Earns Sell Rating from Analysts at StockNews.com

Stock analysts at StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a report released on Tuesday. The firm set a “sell” rating on the construction company’s stock.

A number of other research analysts have also recently weighed in on SUM. Loop Capital reaffirmed a “hold” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. 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. Citigroup reiterated a “neutral” rating and set a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Truist Financial reaffirmed a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials currently has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Up 0.2 %

Summit Materials stock opened at $52.15 on Tuesday. The business’s 50-day moving average price is $50.61 and its 200 day moving average price is $43.28. 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 firm has a market cap of $9.16 billion, a price-to-earnings ratio of 63.60 and a beta of 1.14. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping 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 business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the company earned $0.81 EPS. The business’s revenue was up 49.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Summit Materials will post 1.66 earnings per share for the current year.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the 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 completion of the sale, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.55% of the company’s stock.

Institutional Trading of Summit Materials

Several large investors have recently added to or reduced their stakes in SUM. Value Holdings Management CO. LLC raised its holdings in shares of Summit Materials by 90.0% during the 4th quarter. Value Holdings Management CO. LLC now owns 19,000 shares of the construction company’s stock worth $962,000 after acquiring an additional 9,000 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Summit Materials during the fourth quarter worth about $704,000. Assenagon Asset Management S.A. raised its stake in Summit Materials by 1,436.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after purchasing an additional 822,222 shares during the period. Graypoint LLC acquired a new position in Summit Materials in the 4th quarter valued at about $470,000. Finally, Versant Capital Management Inc grew its stake in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after buying an additional 353 shares during the period.

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.