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 note issued to investors on Thursday morning. The brokerage issued a sell rating on the construction company’s stock.

A number of other brokerages have also issued reports on SUM. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and dropped their price target for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $50.67.

Summit Materials Trading Up 0.2 %

Shares of SUM opened at $52.54 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a one year low of $34.64 and a one year high of $54.07. The stock has a 50-day moving average price of $52.47 and a 200 day moving average price of $48.46. The company has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Institutional Investors Weigh In On Summit Materials

Several institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC bought a new stake in shares of Summit Materials during the 4th quarter worth about $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials during the third quarter worth approximately $28,000. Versant Capital Management Inc lifted its position in Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares during the period. Point72 Hong Kong Ltd bought a new position in Summit Materials during the 3rd quarter valued at $53,000. Finally, CoreFirst Bank & Trust acquired a new position in shares of Summit Materials during the 4th quarter valued at $56,000.

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.