Summit Materials, Inc. (NYSE:SUM) Given Average Recommendation of “Hold” by Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned a consensus rating of “Hold” from the fourteen brokerages that are currently covering the company, MarketBeat.com reports. Eleven analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $50.54.

SUM has been the topic of several recent analyst reports. StockNews.com assumed coverage on shares of Summit Materials in a research report on Sunday. They set a “sell” rating on the stock. Loop Capital restated a “hold” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and dropped their price target for the company from $58.00 to $52.50 in a research report on Monday, December 16th.

Summit Materials Stock Performance

NYSE:SUM opened at $52.54 on Thursday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a fifty-two week low of $34.64 and a fifty-two week high of $54.07. The firm’s fifty day simple moving average is $51.91 and its 200-day simple moving average is $46.30. The stock has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13.

Insiders Place Their Bets

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the sale, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. This trade 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 available through this link. 0.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Summit Materials

Large investors have recently added to or reduced their stakes in the business. Mariner LLC lifted its holdings in shares of Summit Materials by 2.3% during the 4th quarter. Mariner LLC now owns 8,641 shares of the construction company’s stock worth $437,000 after acquiring an additional 196 shares during the period. Arizona State Retirement System raised its stake in Summit Materials by 0.9% during the fourth quarter. Arizona State Retirement System now owns 35,671 shares of the construction company’s stock worth $1,805,000 after purchasing an additional 304 shares during the period. Versant Capital Management Inc boosted its holdings in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of Summit Materials by 6.3% in the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after purchasing an additional 411 shares during the last quarter. Finally, Synovus Financial Corp increased its holdings in shares of Summit Materials by 1.6% during the 4th quarter. Synovus Financial Corp now owns 28,689 shares of the construction company’s stock worth $1,452,000 after buying an additional 445 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.