Summit Materials (SUM) Cut to Sell at Zacks Investment Research

Summit Materials (NYSE:SUM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “Summit Materials, Inc. is a construction material company. The company supplies aggregates, cement, ready-mix concrete and asphalt primarily in the United States and western Canada. Summit Materials, Inc. is headquartered in Denver, Colorado. “

A number of other research firms have also recently commented on SUM. Canaccord Genuity reissued a “buy” rating and set a $12.50 target price on shares of Summit Materials in a research report on Wednesday, November 8th. Citigroup raised their price target on shares of Summit Materials from $37.00 to $39.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Barclays assumed coverage on shares of Summit Materials in a report on Tuesday, December 12th. They issued an “equal weight” rating and a $32.00 price target for the company. SunTrust Banks set a $38.00 price target on shares of Summit Materials and gave the stock a “buy” rating in a report on Tuesday, October 24th. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $32.44.

Shares of Summit Materials (NYSE SUM) opened at $29.67 on Tuesday. Summit Materials has a 52-week low of $22.19 and a 52-week high of $34.06. The company has a debt-to-equity ratio of 1.48, a quick ratio of 2.01 and a current ratio of 2.59. The company has a market cap of $3,173.20, a P/E ratio of 43.47, a P/E/G ratio of 1.84 and a beta of 1.81.

In other news, EVP Damian John Murphy sold 115,118 shares of the stock in a transaction on Monday, December 11th. The shares were sold at an average price of $31.75, for a total value of $3,654,996.50. Following the sale, the executive vice president now owns 66,440 shares in the company, valued at $2,109,470. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $28.85, for a total transaction of $360,625.00. Following the completion of the sale, the insider now owns 160,548 shares in the company, valued at approximately $4,631,809.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 196,418 shares of company stock valued at $6,131,924. Corporate insiders own 1.97% of the company’s stock.

Several large investors have recently added to or reduced their stakes in SUM. Bank of Montreal Can increased its stake in shares of Summit Materials by 310.5% in the fourth quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock worth $104,000 after acquiring an additional 2,515 shares during the period. First Manhattan Co. acquired a new stake in shares of Summit Materials in the third quarter worth $160,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Summit Materials in the third quarter worth $180,000. Daiwa Securities Group Inc. acquired a new stake in shares of Summit Materials in the third quarter worth $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Summit Materials by 39.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock worth $220,000 after acquiring an additional 1,985 shares during the period.

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Summit Materials Company Profile

Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.

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