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

StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a research note published on Friday. The firm issued a sell rating on the construction company’s stock.

SUM has been the subject of several other reports. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Stock Performance

Summit Materials stock opened at $52.44 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 has a 50 day moving average of $51.42 and a 200-day moving average of $44.94. The stock has a market cap of $9.21 billion, a P/E ratio of 63.95 and a beta of 1.13. Summit Materials has a 52 week low of $34.64 and a 52 week high of $53.49.

Insider Activity

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 transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

Institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC bought a new stake in shares of Summit Materials during the 4th quarter worth about $25,000. Versant Capital Management Inc increased its stake in shares of Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after acquiring an additional 353 shares during the period. V Square Quantitative Management LLC bought a new stake in Summit Materials during the third quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Summit Materials in the third quarter worth approximately $28,000. Finally, Toth Financial Advisory Corp boosted its stake in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 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.