Summit Materials (NYSE:SUM) Research Coverage Started at StockNews.com

StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a report published on Wednesday. The brokerage issued a sell rating on the construction company’s stock.

A number of other research analysts also recently commented on the company. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial restated a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Citigroup reiterated a “neutral” rating and set a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Jefferies Financial Group downgraded 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. Finally, Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Summit Materials currently has a consensus rating of “Hold” and a consensus price target of $50.67.

Summit Materials Stock Up 0.2 %

NYSE:SUM opened at $52.54 on Wednesday. The firm 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 1-year low of $34.64 and a 1-year high of $54.07. 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 business’s fifty day moving average price is $52.43 and its 200 day moving average price is $47.82.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Summit Materials in the 4th quarter worth approximately $704,000. Franklin Resources Inc. acquired a new position in shares of Summit Materials in the 3rd quarter worth approximately $7,359,000. Assenagon Asset Management S.A. raised its holdings in shares of Summit Materials by 1,436.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after buying an additional 822,222 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Summit Materials by 3.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock worth $11,230,000 after buying an additional 10,463 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in Summit Materials by 3.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after acquiring an additional 27,225 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.