Summit Materials (NYSE:SUM) Now Covered by Analysts at StockNews.com

Investment analysts at StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a note issued to investors on Thursday. The brokerage set a “sell” rating on the construction company’s stock.

Several other research analysts have also recently weighed in on SUM. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and lowered their price target for the company from $58.00 to $52.50 in a report on Monday, December 16th. Stephens lowered shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $50.67.

Summit Materials Price Performance

NYSE:SUM opened at $52.54 on Thursday. Summit Materials has a 52-week low of $34.64 and a 52-week high of $54.07. The company has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock’s 50-day simple moving average is $52.47 and its 200 day simple moving average is $48.37.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Empowered Funds LLC purchased a new position in Summit Materials in the 4th quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials in the third quarter worth $28,000. Versant Capital Management Inc increased its stake in Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after acquiring an additional 353 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Summit Materials during the third quarter valued at about $53,000. Finally, CoreFirst Bank & Trust bought a new stake in Summit Materials during the fourth quarter worth about $56,000.

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.