Summit Materials (NYSE:SUM) Downgraded by StockNews.com

StockNews.com downgraded shares of Summit Materials (NYSE:SUM) from a hold rating to a sell rating in a research note issued to investors on Friday.

Several other research analysts also recently weighed in on the company. Citigroup boosted their target price on Summit Materials from $46.00 to $51.00 and gave the stock a buy rating in a research note on Friday, April 5th. Truist Financial boosted their price target on Summit Materials from $50.00 to $53.00 and gave the stock a buy rating in a research note on Tuesday, April 2nd. Barclays increased their price objective on shares of Summit Materials from $40.00 to $45.00 and gave the company an equal weight rating in a research report on Thursday, March 14th. Stephens boosted their target price on shares of Summit Materials from $47.00 to $50.00 and gave the stock an overweight rating in a research report on Friday. Finally, JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a research note on Friday, February 23rd. They set an overweight rating and a $47.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $46.73.

Summit Materials Stock Up 3.6 %

NYSE:SUM opened at $40.90 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58. The stock has a market capitalization of $7.13 billion, a P/E ratio of 17.62 and a beta of 1.34. The company’s 50-day simple moving average is $41.66 and its 200-day simple moving average is $38.16. Summit Materials has a fifty-two week low of $29.93 and a fifty-two week high of $44.89.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.11. The company had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. Summit Materials’s revenue was up 89.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.26) earnings per share. On average, equities analysts anticipate that Summit Materials will post 2.21 earnings per share for the current fiscal year.

Institutional Trading of Summit Materials

Hedge funds and other institutional investors have recently made changes to their positions in the business. Knights of Columbus Asset Advisors LLC lifted its holdings in Summit Materials by 94.6% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 192,349 shares of the construction company’s stock valued at $7,398,000 after acquiring an additional 93,487 shares during the period. River Road Asset Management LLC boosted its holdings in Summit Materials by 6.8% during the fourth quarter. River Road Asset Management LLC now owns 1,727,475 shares of the construction company’s stock worth $66,439,000 after buying an additional 109,985 shares in the last quarter. Harvey Capital Management Inc. purchased a new stake in Summit Materials during the fourth quarter worth $1,167,000. Vanguard Group Inc. grew its position in Summit Materials by 1.2% during the third quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company’s stock valued at $371,353,000 after buying an additional 136,921 shares during the period. Finally, Wolverine Asset Management LLC purchased a new position in Summit Materials in the fourth quarter valued at $769,000.

Summit Materials Company Profile

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.