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

StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a research report released on Tuesday morning. The brokerage issued a sell rating on the construction company’s stock.

Other equities analysts have also issued reports about the stock. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. 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 research note on Monday, November 25th. Truist Financial reiterated a “hold” rating and issued a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Jefferies Financial Group downgraded shares of 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. Finally, Citigroup reaffirmed a “neutral” rating and set a $52.50 target price (down from $55.00) on shares of Summit Materials in a 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Trading Up 0.2 %

SUM opened at $52.54 on Tuesday. The stock has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The business has a 50 day moving average of $52.33 and a 200-day moving average of $47.29. Summit Materials has a 52 week low of $34.64 and a 52 week high of $54.07. 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 Investors Weigh In On Summit Materials

Hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC raised its holdings in shares of Summit Materials by 275.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after acquiring an additional 951 shares in the last quarter. Assetmark Inc. raised its stake in Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after purchasing an additional 411 shares in the last quarter. Entropy Technologies LP lifted its position in Summit Materials by 22.0% during the third quarter. Entropy Technologies LP now owns 17,754 shares of the construction company’s stock valued at $693,000 after purchasing an additional 3,197 shares during the last quarter. GSA Capital Partners LLP bought a new position in Summit Materials during the third quarter valued at $799,000. Finally, KBC Group NV grew its stake in shares of Summit Materials by 19.8% in the 3rd quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock worth $149,000 after buying an additional 629 shares in 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.