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

StockNews.com began coverage on shares of Summit Materials (NYSE:SUM - Free Report) in a research note issued to investors on Sunday. The firm issued a sell rating on the construction company's stock.

SUM has been the subject of a number of other research reports. Jefferies Financial Group cut shares of Summit Materials from a "buy" rating to a "hold" rating and decreased their price target for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. DA Davidson boosted their price target on Summit Materials from $41.00 to $47.00 and gave the company a "neutral" rating in a research report on Tuesday, November 5th. Loop Capital reiterated a "hold" rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Longbow Research restated a "neutral" rating on shares of Summit Materials in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $50.54.

Summit Materials Trading Down 0.3 %

SUM stock traded down $0.14 during mid-day trading on Friday, hitting $50.56. 1,825,821 shares of the company were exchanged, compared to its average volume of 1,464,033. The firm has a market capitalization of $8.88 billion, a P/E ratio of 61.66 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a 12-month low of $34.38 and a 12-month high of $53.49. The business has a fifty day simple moving average of $49.02 and a 200-day simple moving average of $42.01.

Summit Materials (NYSE:SUM - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. Summit Materials's revenue was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.81 EPS. On average, equities research analysts predict that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Transactions at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated 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 owns 40,221 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 0.55% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SUM. Principal Financial Group Inc. raised its holdings in Summit Materials by 1.8% in 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 acquiring an additional 94,694 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Summit Materials in the third quarter valued at $203,000. Franklin Resources Inc. purchased a new stake in shares of Summit Materials in the third quarter valued at $7,359,000. Synovus Financial Corp increased its stake in Summit Materials by 13.6% in the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company's stock valued at $1,102,000 after purchasing an additional 3,390 shares during the last quarter. Finally, Tidal Investments LLC lifted its position in Summit Materials by 32.0% during the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company's stock worth $534,000 after buying 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.