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

Summit Materials (NYSE:SUM) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

A number of other research firms also recently issued reports on SUM. Stephens raised their price target on shares of Summit Materials from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday. 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 objective on the stock. Citigroup lifted their target price on Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Royal Bank of Canada increased their price target on Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Friday. Finally, Barclays boosted their price objective on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Summit Materials presently has an average rating of “Hold” and an average target price of $46.73.

Summit Materials Stock Up 0.9 %

NYSE:SUM opened at $39.46 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 4.62 and a current ratio of 5.36. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of 17.62 and a beta of 1.34. Summit Materials has a one year low of $28.57 and a one year high of $44.89. The stock has a 50-day simple moving average of $41.66 and a 200 day simple moving average of $38.12.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.11. Summit Materials had a return on equity of 8.96% and a net margin of 8.36%. The company had revenue of $773.23 million during the quarter, compared to analyst estimates of $803.98 million. During the same quarter last year, the firm earned ($0.26) EPS. The business’s revenue was up 89.9% on a year-over-year basis. Sell-side analysts predict that Summit Materials will post 2.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

Several institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC raised its position in shares of Summit Materials by 58.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 34,886 shares of the construction company’s stock worth $1,086,000 after buying an additional 12,911 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Summit Materials by 9.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 8,538 shares of the construction company’s stock worth $266,000 after purchasing an additional 734 shares in the last quarter. Raymond James & Associates lifted its position in Summit Materials by 96.5% in the third quarter. Raymond James & Associates now owns 159,926 shares of the construction company’s stock worth $4,980,000 after purchasing an additional 78,544 shares during the period. BluePath Capital Management LLC acquired a new position in shares of Summit Materials during the 3rd quarter valued at $32,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Summit Materials by 9.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 680,708 shares of the construction company’s stock worth $21,197,000 after buying an additional 56,432 shares in the last quarter.

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.