Summit Materials, Inc. (NYSE:SUM) Receives Consensus Rating of “Hold” from Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned a consensus recommendation of “Hold” from the fourteen ratings firms that are covering the firm, Marketbeat.com reports. Ten investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $50.54.

A number of brokerages have recently weighed in on SUM. Citigroup reaffirmed 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. StockNews.com assumed coverage on Summit Materials in a research note on Friday, December 13th. They set a “sell” rating for the company. Morgan Stanley started coverage on Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. Truist Financial reissued 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. Finally, Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and decreased their target price for the company from $58.00 to $52.50 in a research report on Monday.

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

Hedge funds and other institutional investors have recently made changes to their positions in the stock. River Road Asset Management LLC lifted its position in shares of Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after purchasing an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Summit Materials by 6.6% during 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 buying an additional 448,922 shares during the last quarter. Millennium Management LLC lifted its holdings in Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after acquiring an additional 313,957 shares during the last quarter. Finally, Troluce Capital Advisors LLC acquired a new stake in Summit Materials during the 2nd quarter worth about $10,983,000.

Summit Materials Price Performance

Summit Materials stock opened at $50.37 on Friday. The firm has a market cap of $8.85 billion, a PE ratio of 61.43 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’s fifty day moving average price is $47.54 and its two-hundred day moving average price is $41.35. 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 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 company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business earned $0.81 earnings per share. Summit Materials’s revenue was up 49.9% on a year-over-year basis. As a group, research analysts expect that Summit Materials will post 1.66 EPS for the current fiscal year.

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.