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

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

A number of other equities analysts have also commented on SUM. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Loop Capital reaffirmed a “hold” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Citigroup reaffirmed a “neutral” rating and issued a $52.50 price target (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Stock Performance

NYSE:SUM opened at $52.54 on Friday. 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 business has a fifty day simple moving average of $51.83 and a two-hundred day simple moving average of $46.16. Summit Materials has a 1 year low of $34.64 and a 1 year high of $54.07. The company has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated 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 $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Several hedge funds have recently added to or reduced their stakes in SUM. Creative Planning increased its holdings in shares of Summit Materials by 53.7% in the third quarter. Creative Planning now owns 47,937 shares of the construction company’s stock worth $1,871,000 after buying an additional 16,746 shares during the period. Raymond James & Associates increased its holdings in shares of Summit Materials by 11.0% in the third quarter. Raymond James & Associates now owns 298,733 shares of the construction company’s stock worth $11,660,000 after buying an additional 29,501 shares during the period. International Assets Investment Management LLC increased its holdings in shares of 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 during the period. Mount Yale Investment Advisors LLC increased its holdings in shares of Summit Materials by 19.6% in the third quarter. Mount Yale Investment Advisors LLC now owns 7,452 shares of the construction company’s stock worth $291,000 after buying an additional 1,223 shares during the period. Finally, Hunter Associates Investment Management LLC increased its holdings in shares of Summit Materials by 104.4% in the third quarter. Hunter Associates Investment Management LLC now owns 76,963 shares of the construction company’s stock worth $3,001,000 after buying an additional 39,308 shares during the period.

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.