Summit Materials (NYSE:SUM) Stock Rating Lowered by StockNews.com

Summit Materials (NYSE:SUM) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.

A number of other analysts have also recently issued reports on the company. Royal Bank of Canada boosted their price objective on Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a research report on Friday. The Goldman Sachs Group increased their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, March 14th. Truist Financial raised their price objective on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Citigroup upped their target price on shares of Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Finally, JPMorgan Chase & Co. began coverage on shares of Summit Materials in a research note on Friday, February 23rd. They set an “overweight” rating and a $47.00 price target for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $46.73.

Summit Materials Stock Performance

NYSE:SUM opened at $39.46 on Friday. The firm’s 50-day moving average is $41.66 and its 200-day moving average is $38.12. The company has a market cap of $6.88 billion, a price-to-earnings ratio of 17.62 and a beta of 1.34. The company has a debt-to-equity ratio of 0.99, a quick ratio of 4.62 and a current ratio of 5.36. Summit Materials has a 52-week low of $28.57 and a 52-week high of $44.89.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. The business had revenue of $773.23 million for the quarter, compared to the consensus estimate of $803.98 million. Summit Materials had a return on equity of 8.96% and a net margin of 8.36%. The firm’s revenue for the quarter was up 89.9% compared to the same quarter last year. During the same period last year, the business earned ($0.26) earnings per share. Equities research analysts anticipate that Summit Materials will post 2.21 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC increased its holdings in Summit Materials by 110.3% during the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after buying an additional 399 shares in the last quarter. BluePath Capital Management LLC bought a new position in shares of Summit Materials in the third quarter valued at about $32,000. Register Financial Advisors LLC acquired a new stake in Summit Materials in the 1st quarter valued at about $45,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Summit Materials in the 3rd quarter valued at about $54,000.

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.