Summit Materials (NYSE:SUM) Earns Sell Rating from Analysts at StockNews.com

Equities research analysts at StockNews.com began coverage on shares of Summit Materials (NYSE:SUM - Get Free Report) in a report released on Monday. The brokerage set a "sell" rating on the construction company's stock.

Other analysts have also issued research reports about the company. Truist Financial restated a "hold" rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Barclays upgraded Summit Materials from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Jefferies Financial Group downgraded Summit Materials from a "buy" rating to a "hold" rating and reduced their target price for the company from $58.00 to $52.50 in a report on Monday, December 16th. Longbow Research reissued a "neutral" rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Citigroup restated a "neutral" rating and set a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $50.54.

Summit Materials Stock Performance

NYSE SUM traded up $0.07 during trading hours on Monday, hitting $51.10. The company had a trading volume of 4,368,810 shares, compared to its average volume of 3,777,903. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The firm has a market cap of $8.97 billion, a P/E ratio of 62.32 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. The business has a fifty day simple moving average of $49.88 and a 200-day simple moving average of $42.49.

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, beating analysts' consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company's quarterly revenue was up 49.9% compared to the same quarter last year. During the same period last year, the company earned $0.81 earnings per share. Equities analysts predict that Summit Materials will post 1.66 EPS for the current year.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares of the company's stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Summit Materials

Hedge funds have recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in Summit Materials during the third quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Summit Materials during the 3rd quarter valued at about $28,000. Versant Capital Management Inc increased its stake in Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company's stock valued at $28,000 after acquiring an additional 353 shares during the period. Toth Financial Advisory Corp increased its stake in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company's stock valued at $33,000 after acquiring an additional 500 shares during the period. Finally, International Assets Investment Management LLC raised its position in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company's stock worth $37,000 after purchasing an additional 913 shares in 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.