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

Summit Materials, Inc. (NYSE:SUM) has been assigned an average rating of “Hold” from the fourteen research firms that are currently covering the firm, Marketbeat Ratings reports. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $50.54.

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and lowered their price target for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Citigroup reaffirmed a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price target (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, DA Davidson increased their price objective 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.

Summit Materials Stock Performance

NYSE:SUM opened at $52.54 on Thursday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a fifty-two week low of $34.64 and a fifty-two week high of $54.07. The stock has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The firm’s fifty day simple moving average is $52.03 and its 200-day simple moving average is $46.65.

Insiders Place Their Bets

In other Summit Materials 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 transaction of $78,197.76. Following the sale, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Summit Materials

Hedge funds have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Summit Materials during the 4th quarter worth about $704,000. Franklin Resources Inc. purchased a new position in shares of Summit Materials during the 3rd quarter worth about $7,359,000. Principal Financial Group Inc. lifted 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 worth $206,445,000 after acquiring an additional 94,694 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of 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 during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Summit Materials by 3.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock worth $11,230,000 after acquiring an additional 10,463 shares during the period.

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.