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

StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM - Free Report) in a report released on Saturday. The brokerage issued a sell rating on the construction company's stock.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. DA Davidson upped their price target on Summit Materials from $41.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, November 5th. Loop Capital reissued a "hold" rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Wolfe Research restated a "peer perform" rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group cut Summit Materials from a "buy" rating to a "hold" rating and reduced their target price for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $50.54.

Summit Materials Stock Performance

SUM traded up $0.15 during midday trading on Friday, reaching $50.50. The company's stock had a trading volume of 4,137,398 shares, compared to its average volume of 1,461,711. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49. The stock has a market cap of $8.87 billion, a P/E ratio of 61.59 and a beta of 1.14. The company has a fifty day simple moving average of $48.02 and a 200 day simple moving average of $41.52. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion for 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%. Summit Materials's quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter last year, the company posted $0.81 earnings per share. Research analysts expect that Summit Materials will post 1.66 earnings per share for the current year.

Insider Activity at Summit Materials

In related 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 completion of the sale, the insider now directly owns 40,221 shares of the company's stock, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Materials

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in shares of Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company's stock valued at $206,445,000 after buying an additional 94,694 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in Summit Materials in the 3rd quarter valued at about $203,000. Franklin Resources Inc. bought a new position in shares of Summit Materials in the third quarter worth about $7,359,000. Synovus Financial Corp lifted its position in shares of Summit Materials by 13.6% during the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company's stock worth $1,102,000 after purchasing an additional 3,390 shares in the last quarter. Finally, Tidal Investments LLC grew its stake in shares of Summit Materials by 32.0% during the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company's stock valued at $534,000 after purchasing an additional 3,321 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.