Summit Materials (NYSE:SUM) Now Covered by StockNews.com

StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a research note published on Thursday morning. The brokerage issued a sell rating on the construction company’s stock.

Other equities research analysts have also issued research reports about the stock. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial reaffirmed a “hold” rating and set a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target for the company. Finally, Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $50.81.

Summit Materials Stock Up 0.1 %

SUM stock opened at $50.84 on Thursday. The stock has a market capitalization of $8.93 billion, a P/E ratio of 62.00 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 has a 50 day moving average price of $45.17 and a two-hundred day moving average price of $40.62.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 EPS. As a group, sell-side analysts expect that Summit Materials will post 1.64 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SUM. River Road Asset Management LLC lifted its position in 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 buying an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after acquiring an additional 448,922 shares during the period. Millennium Management LLC raised its holdings in Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after acquiring an additional 399,072 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Summit Materials by 21.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after acquiring an additional 313,957 shares during the period. Finally, Troluce Capital Advisors LLC acquired a new stake in Summit Materials in the 2nd quarter worth $10,983,000.

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.