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

StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUMFree Report) in a research report released on Tuesday. The firm issued 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 price target (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Citigroup restated a “neutral” rating and set a $52.50 price target (down previously from $55.00) 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 report on Tuesday, November 26th. DA Davidson upped their price objective on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, Loop Capital reaffirmed a “hold” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $50.54.

Check Out Our Latest Research Report on SUM

Summit Materials Stock Up 0.1 %

NYSE SUM opened at $52.17 on Tuesday. The stock’s 50 day moving average is $50.63 and its 200 day moving average is $43.34. 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 has a 12 month low of $34.38 and a 12 month high of $53.49. The stock has a market cap of $9.16 billion, a PE ratio of 63.63 and a beta of 1.14.

Summit Materials (NYSE:SUMGet Free Report) last posted 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 for 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 period in the previous year, the firm earned $0.81 EPS. Research analysts predict that Summit Materials will post 1.66 EPS 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 transaction, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently made changes to their positions in SUM. Quest Partners LLC bought a new position in shares of Summit Materials during the 2nd quarter worth $40,000. Choreo LLC bought a new stake in Summit Materials during the second quarter valued at about $382,000. Envestnet Asset Management Inc. grew its stake in Summit Materials by 12.9% in the second quarter. Envestnet Asset Management Inc. now owns 151,897 shares of the construction company’s stock valued at $5,561,000 after purchasing an additional 17,306 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after purchasing an additional 448,922 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Summit Materials by 9.6% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 20,441 shares of the construction company’s stock valued at $748,000 after buying an additional 1,793 shares during the last quarter.

Summit Materials Company Profile

(Get Free Report)

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.

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