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

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

Other equities research analysts also recently issued research reports about the company. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Jefferies Financial Group cut 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 report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $50.67.

Summit Materials Stock Performance

NYSE SUM opened at $52.54 on Thursday. The firm has a 50-day moving average price of $52.46 and a two-hundred day moving average price of $48.25. Summit Materials has a 12-month low of $34.64 and a 12-month high of $54.07. The company has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

Institutional Trading of Summit Materials

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Summit Materials by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock valued at $626,074,000 after acquiring an additional 56,602 shares in the last quarter. Principal Financial Group Inc. raised its position in Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after purchasing an additional 94,694 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Summit Materials by 11.7% during the fourth quarter. Janus Henderson Group PLC now owns 3,096,383 shares of the construction company’s stock valued at $156,682,000 after purchasing an additional 324,902 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares during the last quarter. Finally, TIG Advisors LLC bought a new stake in shares of Summit Materials during the fourth quarter worth about $105,181,000.

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.