Summit Materials, Inc. (NYSE:SUM) Receives $50.54 Average PT from Brokerages

Shares of Summit Materials, Inc. (NYSE:SUM) have been given an average recommendation of “Hold” by the fourteen brokerages that are covering the company, MarketBeat reports. Eleven investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $50.54.

A number of research analysts have recently weighed in on SUM shares. Truist Financial restated a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Citigroup restated a “neutral” rating and set a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and reduced their target price for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 price target (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th.

Summit Materials Stock Performance

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. Summit Materials has a twelve month low of $34.64 and a twelve month high of $54.07. The company has a fifty day moving average of $52.11 and a 200-day moving average of $46.79. The firm has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Insider Transactions at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new position in shares of Summit Materials in the 4th quarter worth about $25,000. Versant Capital Management Inc lifted its position in Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after buying an additional 353 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials in the 3rd quarter worth approximately $28,000. International Assets Investment Management LLC boosted its stake in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after buying an additional 913 shares in the last quarter. Finally, CoreFirst Bank & Trust bought a new position in Summit Materials during the fourth quarter valued at approximately $56,000.

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.