Summit Materials (NYSE:SUM) Coverage Initiated by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a research note published on Friday morning. The firm issued a sell rating on the construction company’s stock.

SUM has been the topic of a number of other research reports. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and reduced their price target for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $50.67.

Summit Materials Stock Performance

NYSE:SUM opened at $52.54 on Friday. The stock has a 50 day simple moving average of $52.50 and a 200 day simple moving average of $48.91. The stock has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. Summit Materials has a 1-year low of $34.64 and a 1-year high of $54.07. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Institutional Investors Weigh In On Summit Materials

Several institutional investors and hedge funds have recently made changes to their positions in the business. Empowered Funds LLC acquired a new position in Summit Materials in the fourth quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Summit Materials during the 3rd quarter valued at $28,000. Versant Capital Management Inc boosted its stake in Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after acquiring an additional 353 shares in the last quarter. CoreFirst Bank & Trust acquired a new stake in Summit Materials in the fourth quarter worth $56,000. Finally, R Squared Ltd bought a new stake in Summit Materials in the fourth quarter valued at $57,000.

Summit Materials Company Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.