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

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

A number of other brokerages have also issued reports on SUM. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and cut their price target for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Wolfe Research reiterated a “peer perform” rating 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 from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $52.50 price target (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Summit Materials currently has a consensus rating of “Hold” and an average price target of $50.67.

Summit Materials Stock Up 0.2 %

Shares of NYSE:SUM opened at $52.54 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The firm’s 50-day moving average is $52.41 and its two-hundred day moving average is $47.70. Summit Materials has a 1 year low of $34.64 and a 1 year high of $54.07.

Hedge Funds Weigh In On Summit Materials

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mariner LLC boosted its holdings in Summit Materials by 2.3% in the fourth quarter. Mariner LLC now owns 8,641 shares of the construction company’s stock valued at $437,000 after purchasing an additional 196 shares in the last quarter. Arizona State Retirement System boosted its holdings in Summit Materials by 0.9% in the fourth quarter. Arizona State Retirement System now owns 35,671 shares of the construction company’s stock valued at $1,805,000 after purchasing an additional 304 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares in the last quarter. Synovus Financial Corp boosted its holdings in shares of Summit Materials by 1.6% in the fourth quarter. Synovus Financial Corp now owns 28,689 shares of the construction company’s stock valued at $1,452,000 after acquiring an additional 445 shares during the period. Finally, Empowered Funds LLC acquired a new stake in shares of Summit Materials in the fourth quarter valued at approximately $25,000.

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.