Summit Materials (NYSE:SUM) Rating Lowered to “Sell” at StockNews.com

StockNews.com downgraded shares of Summit Materials (NYSE:SUM) from a hold rating to a sell rating in a research note released on Wednesday morning.

A number of other analysts also recently issued reports on the company. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Truist Financial lifted their target price on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Jefferies Financial Group decreased their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Loop Capital lifted their price objective on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Royal Bank of Canada increased their target price on Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Summit Materials has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $51.64 on Wednesday. The company has a 50 day moving average of $43.04 and a 200 day moving average of $39.97. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The stock has a market cap of $9.07 billion, a P/E ratio of 62.98 and a beta of 1.14. Summit Materials has a 12 month low of $34.37 and a 12 month high of $53.49.

Summit Materials (NYSE:SUM) last released 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 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, sell-side analysts forecast that Summit Materials will post 1.64 EPS for the current fiscal year.

Institutional Trading of Summit Materials

Several hedge funds and other institutional investors have recently bought and sold shares of SUM. V Square Quantitative Management LLC bought a new position in shares of Summit Materials in the third quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials in the 3rd quarter worth $28,000. Toth Financial Advisory Corp increased its position in shares of Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Summit Materials by 3,804.2% during the third 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 during the period. Finally, Quest Partners LLC bought a new stake in shares of Summit Materials in the second quarter worth about $40,000.

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.