Summit Materials (NYSE:SUM) Stock Rating Lowered by Jefferies Financial Group

Jefferies Financial Group downgraded shares of Summit Materials (NYSE:SUM - Free Report) from a buy rating to a hold rating in a report issued on Monday morning, MarketBeat reports. They currently have $52.50 price objective on the construction company's stock, down from their previous price objective of $58.00.

Several other analysts have also recently commented on the stock. Morgan Stanley began coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an "overweight" rating and a $51.00 price objective for the company. Wolfe Research restated a "peer perform" rating on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research reaffirmed a "neutral" rating on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup reiterated a "neutral" rating and set a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, DA Davidson upped their target price on Summit Materials from $41.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $50.54.

Summit Materials Stock Performance

Summit Materials stock traded down $0.03 during mid-day trading on Monday, reaching $50.75. 4,573,211 shares of the company traded hands, compared to its average volume of 1,402,024. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The firm's fifty day moving average is $46.73 and its two-hundred day moving average is $41.12. 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 company has a market capitalization of $8.91 billion, a price-to-earnings ratio of 61.93 and a beta of 1.14.

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

Insider Buying and Selling at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. River Road Asset Management LLC raised its holdings in 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 valued at $139,257,000 after acquiring an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company's stock valued at $263,985,000 after buying an additional 448,922 shares during the period. Millennium Management LLC lifted its position in Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company's stock valued at $100,817,000 after buying an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company's stock worth $68,419,000 after buying an additional 313,957 shares during the period. Finally, Troluce Capital Advisors LLC acquired a new position in shares of Summit Materials in the 2nd quarter worth approximately $10,983,000.

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.