Summit Materials (NYSE:SUM) Now Covered by StockNews.com

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

Several other analysts have also recently weighed in on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Truist Financial reissued a “hold” rating and issued a $52.50 price target (down from $60.00) 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, eleven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $50.54.

Summit Materials Stock Up 0.2 %

Shares of NYSE:SUM opened at $52.54 on Friday. Summit Materials has a 1 year low of $34.64 and a 1 year high of $54.07. The company has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. 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 stock’s 50-day moving average is $51.83 and its 200 day moving average is $46.16.

Insider Activity at Summit Materials

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

Hedge Funds Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SUM. Vanguard Group Inc. raised its stake in Summit Materials by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock valued at $626,074,000 after buying an additional 56,602 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after buying an additional 429,062 shares during the last quarter. Principal Financial Group Inc. raised its stake in Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after buying an additional 94,694 shares during the last quarter. River Road Asset Management LLC raised its stake in Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after buying an additional 488,688 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in Summit Materials by 11.7% during the 4th quarter. Janus Henderson Group PLC now owns 3,096,383 shares of the construction company’s stock valued at $156,682,000 after buying an additional 324,902 shares during the last quarter.

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.