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

StockNews.com began 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.

Several other analysts have also commented on the stock. 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. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Jefferies Financial Group lowered shares of 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 research note on Monday, December 16th. Longbow Research reissued a "neutral" rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an "overweight" rating and a $51.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $50.54.

Summit Materials Price Performance

Shares of Summit Materials stock traded up $0.15 during trading hours on Friday, hitting $50.50. The company's stock had a trading volume of 4,137,398 shares, compared to its average volume of 1,461,711. The company has a market cap of $8.87 billion, a PE ratio of 61.59 and a beta of 1.14. The business has a 50 day moving average price of $48.02 and a two-hundred day moving average price of $41.50. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a 12-month low of $34.38 and a 12-month high of $53.49.

Summit Materials (NYSE:SUM - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) 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 company had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same quarter in the previous year, the business earned $0.81 EPS. Summit Materials's revenue was up 49.9% compared to the same quarter last year. Analysts expect that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Transactions at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the 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 sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Summit Materials

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its stake in shares of 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 worth $206,445,000 after buying an additional 94,694 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of Summit Materials in the third quarter worth $203,000. Franklin Resources Inc. acquired a new stake in shares of Summit Materials in the third quarter valued at about $7,359,000. Synovus Financial Corp lifted its position in shares of Summit Materials by 13.6% in the 3rd 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 during the period. Finally, Tidal Investments LLC grew its holdings in Summit Materials by 32.0% during the 3rd quarter. Tidal Investments LLC now owns 13,688 shares of the construction company's stock worth $534,000 after acquiring an additional 3,321 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.