StockNews.com Begins Coverage on Summit Materials (NYSE:SUM)

Research analysts at StockNews.com initiated coverage on shares of Summit Materials (NYSE:SUM) in a research report issued to clients and investors on Thursday. The brokerage set a “sell” rating on the construction company’s stock.

SUM has been the topic of several other research reports. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $58.00 to $52.50 in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.67.

Summit Materials Stock Up 0.2 %

Shares of NYSE:SUM opened at $52.54 on Thursday. 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 business has a fifty day moving average of $52.47 and a two-hundred day moving average of $48.37. Summit Materials has a 52-week low of $34.64 and a 52-week high of $54.07. The stock has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Hedge Funds Weigh In On Summit Materials

Several hedge funds have recently bought and sold shares of the business. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Summit Materials in the 4th quarter worth $704,000. Franklin Resources Inc. bought a new stake in shares of Summit Materials during the third quarter worth $7,359,000. Assenagon Asset Management S.A. grew its holdings in Summit Materials by 1,436.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after acquiring an additional 822,222 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Summit Materials by 3.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock valued at $11,230,000 after purchasing an additional 10,463 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after acquiring an additional 313,957 shares during 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.