Analysts Set Summit Materials, Inc. (NYSE:SUM) Price Target at $50.54

Summit Materials, Inc. (NYSE:SUM) has earned an average recommendation of “Hold” from the fourteen analysts that are covering the firm, MarketBeat Ratings reports. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $50.54.

Several analysts have recently weighed in on SUM shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Truist Financial restated a “hold” rating and set a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Finally, Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th.

Insider Buying and Selling

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SUM. Northwestern Mutual Wealth Management Co. grew its position in Summit Materials by 16.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,717 shares of the construction company’s stock valued at $173,000 after acquiring an additional 680 shares during the last quarter. Truist Financial Corp bought a new position in Summit Materials during the second quarter valued at approximately $314,000. Sanctuary Advisors LLC bought a new position in Summit Materials during the second quarter valued at approximately $674,000. SG Americas Securities LLC grew its position in Summit Materials by 386.3% during the third quarter. SG Americas Securities LLC now owns 14,229 shares of the construction company’s stock valued at $555,000 after acquiring an additional 11,303 shares during the last quarter. Finally, Inspire Investing LLC grew its position in Summit Materials by 10.4% during the third quarter. Inspire Investing LLC now owns 10,607 shares of the construction company’s stock valued at $414,000 after acquiring an additional 997 shares during the last quarter.

Summit Materials Stock Performance

NYSE:SUM opened at $52.37 on Friday. The company has a fifty day moving average of $51.34 and a 200-day moving average of $44.74. The firm has a market capitalization of $9.20 billion, a P/E ratio of 63.86 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. Summit Materials has a twelve month low of $34.64 and a twelve month high of $53.49.

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.