Summit Materials (NYSE:SUM) Now Covered by StockNews.com

StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a note issued to investors on Friday. The firm set a “sell” rating on the construction company’s stock.

A number of other equities analysts also recently weighed in on the stock. Citigroup reaffirmed a “neutral” rating and issued a $52.50 target price (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. DA Davidson boosted their price objective on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Stock Down 0.2 %

Shares of SUM stock opened at $50.85 on Friday. Summit Materials has a one year low of $34.38 and a one 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. The stock has a fifty day moving average price of $46.18 and a 200 day moving average price of $40.94. The stock has a market cap of $8.93 billion, a P/E ratio of 62.01 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its quarterly 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 return on equity of 6.90% and a net margin of 3.92%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the business posted $0.81 earnings per share. The business’s revenue was up 49.9% compared to the same quarter last year. Analysts predict that Summit Materials will post 1.66 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Summit Materials

Several large investors have recently made changes to their positions in SUM. Massachusetts Financial Services Co. MA increased its stake in shares of Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after buying an additional 429,062 shares during the period. Principal Financial Group Inc. increased its position 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 period. Victory Capital Management Inc. raised its holdings in Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after purchasing an additional 241,757 shares during the last quarter. River Road Asset Management LLC lifted its position in shares of Summit Materials by 15.9% in 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 period. Finally, Geode Capital Management LLC boosted its stake in shares of Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after purchasing an additional 9,566 shares during the last quarter.

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.