StockNews.com Initiates Coverage on Summit Materials (NYSE:SUM)

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

Separately, Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Summit Materials currently has an average rating of “Hold” and an average target price of $50.67.

Summit Materials Stock Up 0.2 %

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 firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The stock’s 50-day simple moving average is $52.54 and its 200-day simple moving average is $50.14.

Institutional Investors Weigh In On Summit Materials

Several hedge funds have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Summit Materials during the 4th quarter worth about $704,000. Franklin Resources Inc. purchased a new stake in Summit Materials in the third quarter valued at $7,359,000. Assenagon Asset Management S.A. raised its holdings in Summit Materials by 1,436.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after buying an additional 822,222 shares during the period. Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Summit Materials in the 4th quarter valued at approximately $4,680,000. Finally, World Investment Advisors LLC purchased a new stake in Summit Materials in the third quarter valued at approximately $457,000.

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.