Summit Materials (NYSE:SUM) Now Covered by StockNews.com

StockNews.com started coverage on shares of Summit Materials (NYSE:SUM) in a research report sent to investors on Friday. The firm issued a sell rating on the construction company’s stock.

Several other equities analysts also recently weighed in on the company. DA Davidson raised their price target on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Loop Capital restated a “hold” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Citigroup reiterated a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a report 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. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Summit Materials has an average rating of “Hold” and an average price target of $50.54.

Summit Materials Stock Down 0.1 %

SUM stock opened at $52.44 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials has a 12 month low of $34.64 and a 12 month high of $53.49. The firm has a market capitalization of $9.21 billion, a PE ratio of 63.95 and a beta of 1.13. The company’s 50 day simple moving average is $51.42 and its 200-day simple moving average is $44.94.

Insiders Place Their Bets

In other 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 value of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Summit Materials in the fourth quarter valued at about $704,000. Franklin Resources Inc. acquired a new stake in shares of Summit Materials in the third quarter valued at about $7,359,000. Principal Financial Group Inc. raised its holdings in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after buying an additional 94,694 shares during the period. Assenagon Asset Management S.A. lifted its position in Summit Materials by 1,436.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after acquiring an additional 822,222 shares in the last quarter. Finally, Ausbil Investment Management Ltd lifted its position in shares of Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after purchasing an additional 18,706 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.