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

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

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Loop Capital reissued a “hold” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, DA Davidson upped their target price on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $50.54.

Summit Materials Price Performance

SUM stock opened at $52.54 on Monday. Summit Materials has a 52-week low of $34.64 and a 52-week high of $54.07. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The stock has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The business has a fifty day moving average of $52.07 and a two-hundred day moving average of $46.75.

Insider Buying and Selling at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s 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 completion of the transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Hedge funds and other institutional investors have recently made changes to their positions in the business. TIG Advisors LLC purchased a new position in Summit Materials in the fourth quarter valued at approximately $105,181,000. FIL Ltd purchased a new position in shares of Summit Materials in the 4th quarter valued at $95,128,000. Balyasny Asset Management L.P. acquired a new stake in Summit Materials during the 4th quarter worth $81,828,000. Magnetar Financial LLC purchased a new stake in Summit Materials in the fourth quarter valued at $79,094,000. Finally, Norges Bank acquired a new position in Summit Materials in the fourth quarter valued at $71,315,000.

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.