Summit Materials (NYSE:SUM) Downgraded to Hold Rating by Stephens

Summit Materials (NYSE:SUM) was downgraded by analysts at Stephens from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on SUM. Citigroup reiterated a “neutral” rating and set a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and lowered their target price for the company from $58.00 to $52.50 in a research note on Monday, December 16th. StockNews.com assumed coverage on shares of Summit Materials in a research report on Monday. They set a “sell” rating on the stock. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Down 0.2 %

Shares of SUM stock opened at $52.05 on Tuesday. The stock has a market cap of $9.14 billion, a P/E ratio of 63.48 and a beta of 1.14. 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 stock has a fifty day moving average price of $50.23 and a 200 day moving average price of $42.78. Summit Materials has a one year low of $34.38 and a one year high of $53.49.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business earned $0.81 EPS. The firm’s revenue was up 49.9% on a year-over-year basis. Analysts predict that Summit Materials will post 1.66 earnings per share for the current year.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the sale, the insider now directly owns 40,221 shares in the company, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new position in shares of Summit Materials during the 3rd quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Summit Materials during the 3rd quarter worth $28,000. Versant Capital Management Inc increased its stake in shares of Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares in the last quarter. Toth Financial Advisory Corp grew its stake in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after acquiring 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.