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

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

A number of other brokerages have also recently issued reports on SUM. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Jefferies Financial Group lowered 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Summit Materials currently has an average rating of “Hold” and an average target price of $50.67.

Summit Materials Stock Performance

NYSE:SUM opened at $52.54 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock has a 50-day simple moving average of $52.50 and a two-hundred day simple moving average of $48.97. The firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. Summit Materials has a 52-week low of $34.64 and a 52-week high of $54.07.

Hedge Funds Weigh In On Summit Materials

A number of institutional investors and hedge funds have recently made changes to their positions in SUM. Empowered Funds LLC bought a new stake in Summit Materials during the fourth quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials in the third quarter worth $28,000. Versant Capital Management Inc boosted its stake in Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after buying an additional 353 shares during the period. CoreFirst Bank & Trust purchased a new stake in shares of Summit Materials in the fourth quarter valued at $56,000. Finally, R Squared Ltd bought a new stake in shares of Summit Materials in the 4th quarter worth about $57,000.

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.