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

Equities researchers at StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a research report issued to clients and investors on Sunday. The firm set a “sell” rating on the construction company’s stock.

Several other equities analysts also recently commented on the stock. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Jefferies Financial Group downgraded shares of Summit Materials from a “buy” rating to a “hold” rating and lowered their target price for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Finally, Loop Capital reissued a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Trading Up 0.2 %

Summit Materials stock opened at $52.54 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. Summit Materials has a one year low of $34.64 and a one year high of $54.07. The company’s fifty day moving average price is $51.79 and its two-hundred day moving average price is $45.94.

Insider Buying and Selling

In related news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated 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 directly owns 40,221 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors have recently added to or reduced their stakes in SUM. Empowered Funds LLC acquired a new stake in Summit Materials during the fourth quarter worth about $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Summit Materials during the third quarter worth about $28,000. Versant Capital Management Inc lifted its stake in Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares during the period. International Assets Investment Management LLC lifted its stake in Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in Summit Materials by 275.7% during the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after purchasing an additional 951 shares during the period.

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.