Summit Materials, Inc. (NYSE:SUM) Given Consensus Recommendation of “Hold” by Analysts

Summit Materials, Inc. (NYSE:SUM) has been given a consensus rating of “Hold” by the thirteen analysts that are presently covering the firm, MarketBeat reports. Ten research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $50.67.

Several analysts recently weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Citigroup reiterated a “neutral” rating and set a $52.50 target price (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 target price (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Truist Financial reiterated a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th.

Summit Materials Stock Up 0.2 %

Shares of NYSE:SUM 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 firm has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The stock has a 50 day moving average price of $52.43 and a 200-day moving average price of $47.96. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Hedge Funds Weigh In On Summit Materials

Several large investors have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Summit Materials during the 4th quarter valued at approximately $704,000. Franklin Resources Inc. purchased a new stake in Summit Materials during the 3rd quarter valued at approximately $7,359,000. Assenagon Asset Management S.A. raised its position in shares of Summit Materials by 1,436.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after buying an additional 822,222 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Summit Materials by 3.8% in the third 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, Charles Schwab Investment Management Inc. boosted its position in shares of Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after acquiring an additional 313,957 shares during the last quarter.

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.