JPMorgan Chase & Co. Initiates Coverage on Summit Materials (SUM)

JPMorgan Chase & Co. started coverage on shares of Summit Materials (NYSE:SUM) in a report published on Thursday, March 21st, BenzingaRatingsTable reports. The brokerage issued a neutral rating and a $19.00 price target on the construction company’s stock.

Other equities research analysts have also recently issued reports about the stock. Stifel Nicolaus reaffirmed a buy rating and issued a $23.00 price objective on shares of Summit Materials in a research report on Wednesday, December 19th. Zacks Investment Research raised shares of Summit Materials from a strong sell rating to a hold rating in a research report on Thursday, February 14th. Scotiabank reaffirmed a hold rating on shares of Summit Materials in a research report on Thursday, February 14th. Citigroup cut their price target on shares of Summit Materials from $21.00 to $18.00 and set a buy rating on the stock in a research report on Friday, January 4th. Finally, DA Davidson cut their price target on shares of Summit Materials to $20.00 and set a buy rating on the stock in a research report on Wednesday, January 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Summit Materials presently has an average rating of Hold and an average price target of $21.82.

Shares of NYSE SUM traded up $0.18 during midday trading on Thursday, reaching $15.81. 1,334,600 shares of the stock were exchanged, compared to its average volume of 1,738,106. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 105.40, a P/E/G ratio of 1.69 and a beta of 1.90. Summit Materials has a 12 month low of $11.25 and a 12 month high of $31.36. The company has a quick ratio of 1.45, a current ratio of 2.27 and a debt-to-equity ratio of 1.35.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, February 6th. The construction company reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.20). The company had revenue of $491.00 million during the quarter, compared to the consensus estimate of $459.58 million. Summit Materials had a net margin of 1.68% and a return on equity of 1.34%. The company’s revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.43 earnings per share. On average, research analysts anticipate that Summit Materials will post 0.81 EPS for the current fiscal year.

In other news, CEO Thomas W. Hill acquired 31,250 shares of the stock in a transaction dated Friday, February 15th. The shares were bought at an average cost of $16.25 per share, for a total transaction of $507,812.50. Following the purchase, the chief executive officer now directly owns 135,652 shares of the company’s stock, valued at $2,204,345. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc increased its stake in shares of Summit Materials by 2.6% during the 3rd quarter. Vanguard Group Inc now owns 10,023,710 shares of the construction company’s stock worth $182,230,000 after purchasing an additional 253,306 shares during the last quarter. Lockheed Martin Investment Management Co. acquired a new position in shares of Summit Materials during the 4th quarter worth about $1,061,000. Crestline Management LP acquired a new position in shares of Summit Materials during the 3rd quarter worth about $3,757,000. Clearbridge Investments LLC increased its stake in shares of Summit Materials by 12.5% during the 3rd quarter. Clearbridge Investments LLC now owns 1,791,576 shares of the construction company’s stock worth $32,571,000 after purchasing an additional 199,491 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Summit Materials during the 3rd quarter worth about $744,000.

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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Analyst Recommendations for Summit Materials (NYSE:SUM)

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