Summit Materials (NYSE:SUM) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Summit Materials (NYSE:SUM) from a hold rating to a strong sell rating in a research report released on Tuesday morning, Zacks.com reports.

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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. “

Several other analysts have also recently issued reports on the company. Barclays set a $22.00 price objective on Summit Materials and gave the stock a hold rating in a report on Tuesday, October 15th. Exane BNP Paribas started coverage on Summit Materials in a report on Wednesday, October 9th. They set an outperform rating on the stock. ValuEngine cut Summit Materials from a buy rating to a hold rating in a report on Wednesday, October 2nd. DA Davidson upped their price objective on Summit Materials to $28.00 and gave the stock a buy rating in a report on Thursday, October 31st. Finally, BNP Paribas started coverage on Summit Materials in a report on Wednesday, October 9th. They set an outperform rating on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $23.13.

Shares of SUM traded down $0.49 during mid-day trading on Tuesday, hitting $22.01. 855,550 shares of the stock were exchanged, compared to its average volume of 1,516,916. The company has a market cap of $2.57 billion, a PE ratio of 146.73 and a beta of 2.17. Summit Materials has a 52-week low of $11.25 and a 52-week high of $24.42. The firm has a 50-day moving average of $22.47 and a two-hundred day moving average of $19.27. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.75 and a current ratio of 2.34.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.20). The firm had revenue of $665.85 million for the quarter, compared to analysts’ expectations of $674.18 million. Summit Materials had a return on equity of 1.40% and a net margin of 0.20%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the company earned $0.54 earnings per share. On average, sell-side analysts predict that Summit Materials will post 0.49 EPS for the current year.

In related news, CFO Brian James Harris sold 30,000 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $23.60, for a total transaction of $708,000.00. Following the sale, the chief financial officer now owns 86,466 shares in the company, valued at approximately $2,040,597.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mikel Shane Evans sold 344,231 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $23.60, for a total value of $8,123,851.60. Following the sale, the insider now owns 6,288 shares in the company, valued at approximately $148,396.80. The disclosure for this sale can be found here. Insiders have sold a total of 382,040 shares of company stock worth $9,010,990 in the last 90 days. 1.76% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC purchased a new stake in Summit Materials during the 3rd quarter valued at $64,000. Strs Ohio purchased a new stake in Summit Materials during the 3rd quarter valued at $135,000. Quantamental Technologies LLC purchased a new stake in Summit Materials during the 2nd quarter valued at $154,000. Venturi Wealth Management LLC purchased a new stake in Summit Materials during the 3rd quarter valued at $185,000. Finally, Skylands Capital LLC purchased a new stake in Summit Materials during the 2nd quarter valued at $193,000.

Summit Materials Company Profile

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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