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

Summit Materials (NYSE:SUM) was downgraded by equities research 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 analysts have also recently weighed in on SUM. DA Davidson raised their price objective 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 reissued a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. StockNews.com assumed coverage on shares of Summit Materials in a report on Monday. They set a “sell” rating on the stock. Citigroup reiterated a “neutral” rating and issued a $52.50 target price (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and decreased their price target for the stock from $58.00 to $52.50 in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Summit Materials has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $52.05 on Tuesday. The company has a market capitalization of $9.14 billion, a PE ratio of 63.48 and a beta of 1.14. The company has a 50-day simple moving average of $50.23 and a two-hundred day simple moving average of $42.78. Summit Materials has a one year low of $34.38 and a one 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.

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

Insider Activity at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction dated 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 of the company’s stock, valued at $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Summit Materials

A number of large investors have recently bought and sold shares of SUM. Versant Capital Management Inc grew its holdings in Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares during the period. V Square Quantitative Management LLC purchased a new position in shares of Summit Materials during the 3rd quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Summit Materials in the 3rd quarter worth $28,000. Toth Financial Advisory Corp raised its position in Summit Materials by 147.1% during the third 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 grew its position in shares of Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares during the period.

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.