Summit Materials (NYSE:SUM) Coverage Initiated by Analysts at StockNews.com

Research analysts at StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a report released on Tuesday. The firm set a “sell” rating on the construction company’s stock.

Several other analysts have also recently issued reports on SUM. Citigroup restated a “neutral” rating and set a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and decreased their price target for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $50.54.

Summit Materials Price Performance

SUM stock opened at $52.54 on Tuesday. 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 1 year low of $34.64 and a 1 year high of $54.07. The stock has a 50-day simple moving average of $52.22 and a 200-day simple moving average of $47.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Hedge Funds Weigh In On Summit Materials

Institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its holdings in shares of 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 buying an additional 951 shares in the last quarter. Assetmark Inc. lifted its holdings in Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after buying an additional 411 shares during the period. Entropy Technologies LP boosted its holdings in Summit Materials by 22.0% during the third quarter. Entropy Technologies LP now owns 17,754 shares of the construction company’s stock worth $693,000 after buying an additional 3,197 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Summit Materials during the 3rd quarter worth about $799,000. Finally, KBC Group NV increased its stake in shares of Summit Materials by 19.8% in the 3rd quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock valued at $149,000 after acquiring an additional 629 shares during 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.