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

Equities research analysts at StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a research note issued on Sunday. The brokerage set a “sell” rating on the construction company’s stock.

SUM has been the subject of several other research reports. DA Davidson boosted their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Truist Financial restated a “hold” rating and issued a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Finally, Longbow Research restated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $50.54.

Summit Materials Stock Performance

NYSE:SUM opened at $52.54 on Friday. Summit Materials has a 1 year low of $34.64 and a 1 year high of $54.07. The firm has a 50 day moving average of $51.79 and a 200-day moving average of $45.94. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the sale, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Forum Financial Management LP bought a new stake in shares of Summit Materials in the 4th quarter valued at about $208,000. Public Employees Retirement System of Ohio raised its holdings in shares of Summit Materials by 3,305.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 46,659 shares of the construction company’s stock valued at $2,361,000 after purchasing an additional 45,289 shares during the period. Alpine Global Management LLC bought a new stake in shares of Summit Materials in the 4th quarter valued at about $1,771,000. BCK Capital Management LP bought a new stake in shares of Summit Materials in the 4th quarter valued at about $4,695,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Summit Materials by 11.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 320,763 shares of the construction company’s stock valued at $16,231,000 after purchasing an additional 33,030 shares during the period.

About Summit Materials

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.