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

StockNews.com started coverage on shares of Summit Materials (NYSE:SUM) in a research note published on Monday. The brokerage issued a sell rating on the construction company’s stock.

Several other research firms have also recently issued reports on SUM. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial restated a “hold” rating and set a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. DA Davidson upped their target price on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Performance

Shares of SUM stock opened at $52.54 on Monday. Summit Materials has a one year low of $34.64 and a one year high of $54.07. The company’s 50-day moving average is $52.11 and its 200 day moving average is $46.79. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Insider Transactions at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC bought a new stake in Summit Materials during the 4th quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Summit Materials during the 3rd quarter valued at approximately $28,000. Versant Capital Management Inc grew its holdings in Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after buying an additional 353 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after buying an additional 913 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Summit Materials by 275.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after buying an additional 951 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.