Brokerages Set Summit Materials, Inc. (NYSE:SUM) Price Target at $50.67

Summit Materials, Inc. (NYSE:SUM) has been given an average rating of “Hold” by the thirteen research firms that are currently covering the company, MarketBeat reports. Ten research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $50.67.

A number of equities analysts recently commented on the stock. Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. StockNews.com assumed coverage on Summit Materials in a research report on Sunday. They set a “sell” rating on the stock.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $52.54 on Friday. 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 stock’s fifty day moving average price is $52.54 and its 200-day moving average price is $50.14. The firm has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. Summit Materials has a 12 month low of $34.64 and a 12 month high of $54.07.

Institutional Investors Weigh In On Summit Materials

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its holdings in Summit Materials by 222.4% in the third quarter. Barclays PLC now owns 211,442 shares of the construction company’s stock valued at $8,252,000 after acquiring an additional 145,858 shares during the period. Geode Capital Management LLC raised its holdings in Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares during the period. Sanctuary Advisors LLC grew its holdings in Summit Materials by 50.8% in the third quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock valued at $991,000 after purchasing an additional 8,559 shares during the period. World Investment Advisors LLC acquired a new stake in Summit Materials in the 3rd quarter valued at $457,000. Finally, Tidal Investments LLC lifted its holdings in Summit Materials by 32.0% during the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock valued at $534,000 after purchasing an additional 3,321 shares in the last quarter.

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.