StockNews.com Begins Coverage on Summit Materials (NYSE:SUM)

Investment analysts at StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a research report issued on Wednesday. The firm set a “sell” rating on the construction company’s stock.

A number of other equities analysts also recently commented on the company. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Citigroup reiterated a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $50.67.

Summit Materials Price Performance

Shares of Summit Materials stock opened at $52.54 on Wednesday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The company 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 $52.42 and a 200 day moving average of $47.73. Summit Materials has a 52 week low of $34.64 and a 52 week high of $54.07.

Hedge Funds Weigh In On Summit Materials

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Summit Materials by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock valued at $626,074,000 after acquiring an additional 56,602 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Summit Materials by 6.0% during the third 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. boosted its position in shares of Summit Materials by 1.8% during the third 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. Janus Henderson Group PLC boosted its position in shares of Summit Materials by 11.7% during the fourth 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. Finally, Geode Capital Management LLC boosted its position in shares of Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after buying an additional 9,566 shares during 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.