Summit Materials, Inc. (NYSE:SUM) Receives $50.67 Average PT from Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have been given a consensus recommendation of “Hold” by the thirteen research firms that are currently covering the firm, Marketbeat.com reports. Ten equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $50.67.

A number of research analysts recently commented on the company. StockNews.com started coverage on Summit Materials in a report on Thursday. They issued a “sell” rating on the stock. Stephens lowered shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Finally, Jefferies Financial Group downgraded shares of Summit Materials from a “buy” rating to a “hold” rating and reduced their price target for the company from $58.00 to $52.50 in a report on Monday, December 16th.

Summit Materials Price Performance

Shares of Summit Materials stock opened at $52.54 on Monday. The company has a market capitalization of $9.23 billion, a price-to-earnings 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. The stock’s 50-day simple moving average is $52.47 and its 200-day simple moving average is $48.54. Summit Materials has a 52 week low of $34.64 and a 52 week high of $54.07.

Institutional Investors Weigh In On Summit Materials

Institutional investors have recently modified their holdings of the stock. Empowered Funds LLC purchased a new stake in Summit Materials during the 4th quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Summit Materials during the third quarter valued at $28,000. Versant Capital Management Inc raised its stake in shares of 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 acquiring an additional 353 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Summit Materials in the third quarter valued at $53,000. Finally, CoreFirst Bank & Trust purchased a new position in shares of Summit Materials during the 4th quarter worth about $56,000.

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.