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 note issued to investors on Wednesday. The brokerage set a “sell” rating on the construction company’s stock.

Several other brokerages have also recently weighed in on SUM. Citigroup reiterated a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Truist Financial restated a “hold” rating and issued a $52.50 price objective (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Longbow Research restated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $50.67.

Summit Materials Trading Up 0.2 %

Shares of SUM opened at $52.54 on Wednesday. The business’s 50-day moving average price is $52.42 and its 200-day moving average price is $47.73. Summit Materials has a twelve month low of $34.64 and a twelve month high of $54.07. The stock has a market cap of $9.23 billion, a PE 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.

Institutional Trading of Summit Materials

A number of institutional investors have recently made changes to their positions in SUM. TIG Advisors LLC purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $105,181,000. FIL Ltd purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $95,128,000. Balyasny Asset Management L.P. purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $81,828,000. Magnetar Financial LLC purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $79,094,000. Finally, Norges Bank purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $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.