Stephens Downgrades Summit Materials (NYSE:SUM) to Hold

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

Several other brokerages also recently weighed in on SUM. Truist Financial reaffirmed 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 reissued a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Finally, Loop Capital restated a “hold” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Down 0.2 %

SUM opened at $52.05 on Tuesday. The firm’s 50 day simple moving average is $50.23 and its two-hundred day simple moving average is $42.78. The company has a market capitalization of $9.14 billion, a PE ratio of 63.48 and a beta of 1.14. Summit Materials has a 1-year low of $34.38 and a 1-year high of $53.49. 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 (NYSE:SUM) 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. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. The business’s quarterly revenue was up 49.9% on a year-over-year basis. As a group, equities analysts forecast that Summit Materials will post 1.66 EPS for the current year.

Insider Transactions at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials 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 completion of the transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

A number of large investors have recently bought and sold shares of SUM. V Square Quantitative Management LLC bought a new position in Summit Materials in the 3rd quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Summit Materials in the third quarter valued at approximately $28,000. Versant Capital Management Inc grew 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 worth $28,000 after purchasing an additional 353 shares in the last quarter. Toth Financial Advisory Corp increased its holdings in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in Summit Materials by 3,804.2% during the 3rd 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 during the period.

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.