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

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

A number of other analysts have also weighed in on the stock. Stephens lowered shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and decreased their target price for the company from $58.00 to $52.50 in a report on Monday, December 16th. 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.67.

Summit Materials Stock Performance

Shares of SUM stock opened at $52.54 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a fifty-two week low of $34.64 and a fifty-two week high of $54.07. The stock has a 50 day moving average price of $52.50 and a two-hundred day moving average price of $48.97. The company has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Hedge Funds Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently bought and sold shares of SUM. CIBRA Capital Ltd bought a new position in Summit Materials during the fourth quarter valued at approximately $998,000. Jefferies Financial Group Inc. grew its holdings in shares of Summit Materials by 933.1% in the fourth quarter. Jefferies Financial Group Inc. now owns 42,980 shares of the construction company’s stock worth $2,175,000 after acquiring an additional 48,139 shares during the period. Polar Asset Management Partners Inc. purchased a new stake in Summit Materials during the fourth quarter valued at $5,065,000. Forum Financial Management LP bought a new position in Summit Materials in the fourth quarter valued at about $208,000. Finally, Public Employees Retirement System of Ohio boosted its position in Summit Materials by 3,305.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 46,659 shares of the construction company’s stock worth $2,361,000 after purchasing an additional 45,289 shares during the last quarter.

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.