Summit Materials, Inc. (NYSE:SUM) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Summit Materials, Inc. (NYSE:SUM) have received an average recommendation of “Hold” from the thirteen brokerages that are currently covering the company, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $50.67.

SUM has been the subject of several research analyst reports. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, StockNews.com assumed coverage on Summit Materials in a report on Thursday. They set a “sell” rating on the stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SUM. Vanguard Group Inc. lifted its position in Summit Materials by 0.5% in the 4th 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. Principal Financial Group Inc. lifted its holdings in shares of Summit Materials by 1.8% in 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 in 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. Geode Capital Management LLC grew its holdings 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 worth $108,885,000 after buying an additional 9,566 shares in the last quarter. Finally, TIG Advisors LLC purchased a new stake in Summit Materials in the 4th quarter valued at $105,181,000.

Summit Materials Trading Up 0.2 %

SUM opened at $52.54 on Monday. Summit Materials has a twelve month low of $34.64 and a twelve month high of $54.07. The company has a fifty day moving average of $52.47 and a 200-day moving average of $48.37. The stock has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

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.