Summit Materials, Inc. (NYSE:SUM) Receives $50.54 Consensus Price Target from Brokerages

Summit Materials, Inc. (NYSE:SUM) has received an average rating of “Hold” from the fourteen ratings firms that are presently covering the firm, MarketBeat.com reports. Eleven research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $50.54.

SUM has been the subject of several analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Truist Financial reaffirmed a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. DA Davidson raised their price target on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Finally, Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th.

Summit Materials Price Performance

Summit Materials stock opened at $52.42 on Friday. The firm has a 50-day moving average price of $51.39 and a 200-day moving average price of $44.89. The firm has a market capitalization of $9.20 billion, a PE 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. Summit Materials has a 12-month low of $34.64 and a 12-month high of $53.49.

Insider Buying and Selling at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

Institutional Trading of Summit Materials

A number of institutional investors have recently modified their holdings of SUM. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Summit Materials by 16.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,717 shares of the construction company’s stock valued at $173,000 after buying an additional 680 shares in the last quarter. Truist Financial Corp bought a new stake in shares of Summit Materials in the 2nd quarter valued at about $314,000. Sanctuary Advisors LLC bought a new stake in shares of Summit Materials in the 2nd quarter valued at about $674,000. SG Americas Securities LLC boosted its holdings in shares of Summit Materials by 386.3% in the 3rd quarter. SG Americas Securities LLC now owns 14,229 shares of the construction company’s stock valued at $555,000 after buying an additional 11,303 shares in the last quarter. Finally, Inspire Investing LLC boosted its holdings in shares of Summit Materials by 10.4% in the 3rd quarter. Inspire Investing LLC now owns 10,607 shares of the construction company’s stock valued at $414,000 after buying an additional 997 shares in the last quarter.

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.