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

Stephens cut shares of Summit Materials (NYSE:SUM) from a strong-buy rating to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

A number of other research firms have also recently issued reports on SUM. StockNews.com began coverage on Summit Materials in a research report on Monday. They issued a “sell” rating for the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Jefferies Financial Group downgraded shares of Summit Materials from a “buy” rating to a “hold” rating and cut their price objective for the company from $58.00 to $52.50 in a report on Monday, December 16th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Price Performance

Shares of SUM opened at $52.05 on Tuesday. The stock has a 50 day simple moving average of $50.23 and a 200 day simple moving average of $42.78. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49. The firm has a market capitalization of $9.14 billion, a PE ratio of 63.48 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

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 the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. Sell-side analysts predict that Summit Materials will post 1.66 EPS for the current fiscal year.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s 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 transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This 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 accessible through this link. 0.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SUM. 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. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials during the third quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials during the third quarter valued at approximately $28,000. 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 acquiring an additional 500 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in Summit Materials by 3,804.2% in 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 in the last quarter.

Summit Materials Company Profile

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.