Summit Materials, Inc. (NYSE:SUM) Receives Average Recommendation of “Hold” from Brokerages

Summit Materials, Inc. (NYSE:SUM) has received a consensus rating of “Hold” from the fourteen analysts that are covering the company, Marketbeat Ratings reports. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $50.54.

A number of analysts have commented on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial reissued a “hold” rating and issued a $52.50 price objective (down from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th.

Insider Buying and Selling

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the transaction, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA lifted its position in 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 purchasing an additional 429,062 shares during the last quarter. Principal Financial Group Inc. lifted its position in 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 purchasing an additional 94,694 shares during the last quarter. River Road Asset Management LLC lifted its position in Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after purchasing an additional 488,688 shares during the last quarter. Geode Capital Management LLC lifted its position in 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 purchasing an additional 9,566 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after purchasing an additional 313,957 shares during the last quarter.

Summit Materials Stock Up 0.2 %

Shares of SUM stock opened at $52.42 on Friday. Summit Materials has a 12 month low of $34.64 and a 12 month high of $53.49. The stock has a market cap of $9.20 billion, a P/E ratio of 63.92 and a beta of 1.13. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a 50 day simple moving average of $51.39 and a two-hundred day simple moving average of $44.89.

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.