StockNews.com Initiates Coverage on Summit Materials (NYSE:SUM)

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

Several other research analysts have also recently weighed in on the stock. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Truist Financial reaffirmed a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $50.54.

Summit Materials Price Performance

NYSE SUM opened at $52.54 on Tuesday. The stock has a 50-day simple moving average of $52.30 and a 200 day simple moving average of $47.25. The stock has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a twelve month low of $34.64 and a twelve month high of $54.07.

Institutional Trading of Summit Materials

A number of large investors have recently modified their holdings of the business. TIG Advisors LLC purchased a new stake in Summit Materials during the fourth quarter valued at about $105,181,000. FIL Ltd bought a new stake in Summit Materials in the fourth quarter worth $95,128,000. Balyasny Asset Management L.P. purchased a new stake in Summit Materials during the fourth quarter valued at about $81,828,000. Magnetar Financial LLC bought a new position in shares of Summit Materials during the fourth quarter valued at about $79,094,000. Finally, Norges Bank purchased a new position in shares of Summit Materials in the fourth quarter worth about $71,315,000.

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.