Summit Materials (NYSE:SUM) Coverage Initiated by Analysts at StockNews.com

Investment analysts at StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a research note issued on Friday. The brokerage set a “sell” rating on the construction company’s stock.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Truist Financial reaffirmed a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. DA Davidson boosted their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, Jefferies Financial Group downgraded 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 investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Trading Up 0.2 %

Shares of Summit Materials stock opened at $52.42 on Friday. The stock has a fifty day moving average price of $51.39 and a 200-day moving average price of $44.89. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The firm has a market cap of $9.20 billion, a PE ratio of 63.92 and a beta of 1.13. Summit Materials has a 1 year low of $34.64 and a 1 year high of $53.49.

Insider Transactions at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

A number of institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA grew its holdings in shares of Summit Materials by 6.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after purchasing an additional 429,062 shares in the last quarter. Principal Financial Group Inc. lifted its position in Summit Materials by 1.8% during 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. River Road Asset Management LLC grew its stake in Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after buying an additional 488,688 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying an additional 9,566 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after buying an additional 313,957 shares in the last quarter.

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.