Summit Materials (NYSE:SUM) Downgraded by Goldman Sachs Group

Summit Materials (NYSE:SUM) was downgraded by analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, The Fly reports.

Other research analysts also recently issued reports about the stock. Stifel Nicolaus set a $28.00 price objective on shares of Summit Materials and gave the company a “buy” rating in a research report on Tuesday, October 8th. Cfra raised Summit Materials from a “hold” rating to a “buy” rating in a report on Wednesday, October 30th. BNP Paribas assumed coverage on Summit Materials in a research note on Wednesday, October 9th. They issued an “outperform” rating on the stock. Exane BNP Paribas initiated coverage on Summit Materials in a research note on Wednesday, October 9th. They issued an “outperform” rating on the stock. Finally, ValuEngine cut Summit Materials from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $24.13.

Shares of Summit Materials stock opened at $23.58 on Friday. The company has a quick ratio of 1.75, a current ratio of 2.34 and a debt-to-equity ratio of 1.35. Summit Materials has a 12-month low of $11.25 and a 12-month high of $24.57. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 157.20 and a beta of 2.16. The firm’s 50-day moving average price is $23.24 and its two-hundred day moving average price is $20.15.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results 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 analyst estimates of $674.18 million. Summit Materials had a return on equity of 1.40% and a net margin of 0.20%. The business’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.54 EPS. On average, sell-side analysts expect that Summit Materials will post 0.43 earnings per share for the current year.

In related news, CFO Brian James Harris sold 30,000 shares of the business’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Raymond Murphy sold 7,809 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $22.94, for a total value of $179,138.46. Following the completion of the transaction, the director now directly owns 7,494 shares of the company’s stock, valued at approximately $171,912.36. The disclosure for this sale can be found here. In the last three months, insiders sold 415,051 shares of company stock valued at $9,793,345. 1.76% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the company. Man Group plc increased its position in Summit Materials by 204.3% in the 3rd quarter. Man Group plc now owns 256,225 shares of the construction company’s stock valued at $5,689,000 after acquiring an additional 172,015 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of Summit Materials during the 3rd quarter valued at $922,000. California State Teachers Retirement System raised its position in Summit Materials by 1.2% during the third quarter. California State Teachers Retirement System now owns 175,370 shares of the construction company’s stock valued at $3,893,000 after purchasing an additional 2,095 shares in the last quarter. Voya Investment Management LLC lifted its stake in Summit Materials by 43.6% during the third quarter. Voya Investment Management LLC now owns 65,105 shares of the construction company’s stock worth $1,445,000 after purchasing an additional 19,783 shares during the last quarter. Finally, Tower Research Capital LLC TRC bought a new position in shares of Summit Materials during the 3rd quarter valued at about $64,000.

About Summit Materials

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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