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

StockNews.com started coverage on shares of Summit Materials (NYSE:SUM) in a report issued on Monday morning. The firm issued a sell rating on the construction company’s stock.

Other research analysts have also issued reports about the stock. Stephens lowered shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Loop Capital restated a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. DA Davidson upped their target price 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. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $50.54.

Summit Materials Trading Up 0.2 %

Shares of Summit Materials stock opened at $52.54 on Monday. Summit Materials has a 52-week low of $34.64 and a 52-week high of $54.07. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The company’s 50-day simple moving average is $52.03 and its 200-day simple moving average is $46.65. The firm has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

Large investors have recently bought and sold shares of the stock. Empowered Funds LLC purchased a new position in Summit Materials during the fourth quarter worth approximately $25,000. Versant Capital Management Inc raised 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 purchasing an additional 353 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials during the third quarter worth approximately $28,000. International Assets Investment Management LLC raised its stake in Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the period. Finally, CoreFirst Bank & Trust purchased a new position in Summit Materials during the fourth quarter worth approximately $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.