Summit Materials (NYSE:SUM) Earns Sell Rating from Analysts at StockNews.com

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

Several other analysts have also recently issued reports on SUM. Truist Financial reissued a “hold” rating and issued a $52.50 target price (down from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Loop Capital reaffirmed a “hold” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Jefferies Financial Group downgraded shares of Summit Materials from a “buy” rating to a “hold” rating and dropped their target price for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Finally, Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. One 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.com, the company presently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Trading Up 0.2 %

Shares of SUM opened at $52.54 on Tuesday. The firm has a fifty day simple moving average of $52.30 and a two-hundred day simple moving average of $47.25. Summit Materials has a twelve month low of $34.64 and a twelve month high of $54.07. The stock has a market capitalization of $9.23 billion, a P/E 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.

Hedge Funds Weigh In On Summit Materials

Several hedge funds have recently modified their holdings of the stock. TIG Advisors LLC bought a new stake in Summit Materials in the 4th quarter valued at $105,181,000. FIL Ltd purchased a new position in shares of Summit Materials during the fourth quarter valued at about $95,128,000. Balyasny Asset Management L.P. purchased a new position in shares of Summit Materials during the fourth quarter valued at about $81,828,000. Magnetar Financial LLC bought a new stake in shares of Summit Materials in the fourth quarter worth about $79,094,000. Finally, Norges Bank purchased a new stake in shares of Summit Materials in the fourth quarter worth 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.