Summit Materials (NYSE:SUM) Rating Lowered to “Hold” at Jefferies Financial Group

Summit Materials (NYSE:SUM) was downgraded by stock analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a report released on Monday, Marketbeat.com reports. They currently have a $52.50 price target on the construction company’s stock, down from their previous price target of $58.00. Jefferies Financial Group’s target price would suggest a potential upside of 3.39% from the company’s previous close.

A number of other brokerages have also recently commented on SUM. DA Davidson boosted their price objective on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 price target (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Morgan Stanley assumed coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target for the company. Wolfe Research reiterated a “peer perform” 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 target price (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Trading Down 0.1 %

NYSE SUM opened at $50.78 on Monday. The firm has a market capitalization of $8.92 billion, a price-to-earnings ratio of 61.93 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 has a one year low of $34.38 and a one year high of $53.49. The company’s 50 day moving average price is $46.73 and its 200 day moving average price is $41.12.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating 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 the consensus estimate of $1.17 billion. During the same quarter last year, the firm posted $0.81 EPS. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. On average, sell-side analysts predict that Summit Materials will post 1.66 EPS for the current year.

Insider Activity

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the business’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 completion of the sale, the insider now directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares during the period. Ausbil Investment Management Ltd grew its position in shares of Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after buying an additional 18,706 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Summit Materials by 3.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock worth $11,230,000 after acquiring an additional 10,463 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Summit Materials by 3.9% in the third quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after acquiring an additional 27,225 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Summit Materials by 21.8% in 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 period.

About Summit Materials

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.