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

Summit Materials (NYSE:SUM) was downgraded by research analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a note issued to investors on Monday, MarketBeat.com reports. They presently have a $52.50 target price on the construction company’s stock, down from their prior target price of $58.00. Jefferies Financial Group’s target price indicates a potential upside of 3.39% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the stock. Citigroup reiterated a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. DA Davidson boosted their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Truist Financial restated a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Trading Down 0.1 %

NYSE:SUM opened at $50.78 on Monday. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock has a fifty day moving average price of $46.73 and a two-hundred day moving average price of $41.12. The stock has a market capitalization of $8.92 billion, a price-to-earnings ratio of 61.93 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $1.17 billion. During the same period in the prior year, the company posted $0.81 EPS. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Transactions at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. purchased a new stake in Summit Materials in the 3rd quarter valued at about $203,000. Franklin Resources Inc. acquired a new stake in shares of Summit Materials in the third quarter worth approximately $7,359,000. Synovus Financial Corp grew its holdings 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 period. Tidal Investments LLC increased 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 purchasing an additional 3,321 shares during the last quarter. Finally, World Investment Advisors LLC acquired a new position in Summit Materials during the third quarter worth approximately $457,000.

Summit Materials Company Profile

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.