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

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

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

Summit Materials Stock Up 0.2 %

SUM stock 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 stock has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. 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 company’s 50 day moving average is $52.53 and its 200 day moving average is $49.63.

Institutional Trading of Summit Materials

Several institutional investors and hedge funds have recently bought and sold shares of SUM. TIG Advisors LLC purchased a new stake in Summit Materials in the fourth quarter worth $105,181,000. FIL Ltd purchased a new position in Summit Materials during the 4th quarter valued at about $95,128,000. Balyasny Asset Management L.P. bought a new stake in Summit Materials during the fourth quarter worth about $81,828,000. Magnetar Financial LLC purchased a new stake in Summit Materials in the fourth quarter worth about $79,094,000. Finally, Norges Bank bought a new position in shares of Summit Materials during the fourth quarter valued at approximately $71,315,000.

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.