Summit Materials (NYSE:SUM) Research Coverage Started at StockNews.com

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

Other equities research analysts have also issued reports about the stock. DA Davidson boosted their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Truist Financial reiterated a “hold” rating and set a $52.50 price target (down from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, 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 report on Monday, November 25th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.54.

Summit Materials Trading Up 0.2 %

Shares of SUM opened at $52.54 on Monday. The firm has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a fifty-two week low of $34.64 and a fifty-two week high of $54.07. The firm has a 50 day moving average price of $52.11 and a 200-day moving average price of $46.79.

Insiders Place Their Bets

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.55% of the company’s stock.

Institutional Trading of Summit Materials

A number of hedge funds and other institutional investors have recently modified their holdings of SUM. TIG Advisors LLC purchased a new stake in shares of Summit Materials in the 4th quarter worth about $105,181,000. FIL Ltd purchased a new stake in shares of Summit Materials in the 4th quarter worth about $95,128,000. Balyasny Asset Management L.P. purchased a new stake in shares of Summit Materials in the 4th quarter worth about $81,828,000. Magnetar Financial LLC purchased a new stake in Summit Materials during the 4th quarter valued at about $79,094,000. Finally, Norges Bank purchased a new stake in Summit Materials during the 4th quarter valued at about $71,315,000.

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.