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

Analysts at StockNews.com began 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.

SUM has been the topic of a number of other reports. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. DA Davidson raised their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Finally, Loop Capital reiterated a “hold” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

Shares of SUM opened at $52.54 on Friday. The business’s fifty day moving average is $51.59 and its 200 day moving average is $45.41. Summit Materials has a 12-month low of $34.64 and a 12-month 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 stock has a market cap of $9.23 billion, a P/E 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 stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Summit Materials

Several institutional investors have recently added to or reduced their stakes in SUM. AQR Arbitrage LLC bought a new position in Summit Materials in the 4th quarter worth approximately $33,184,000. Nexpoint Asset Management L.P. purchased a new stake in shares of Summit Materials during the fourth quarter worth $19,929,000. One68 Global Capital LLC bought a new position in shares of Summit Materials in the fourth quarter worth $12,556,000. Headland Capital LLC purchased a new position in shares of Summit Materials in the fourth quarter valued at $7,528,000. Finally, Paloma Partners Management Co bought a new stake in shares of Summit Materials during the 4th quarter valued at $1,214,000.

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.