Summit Materials (NYSE:SUM) Coverage Initiated by Analysts at StockNews.com

StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a research note published on Friday morning. The firm issued a sell rating on the construction company’s stock.

Other research analysts have also recently issued reports about the stock. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and cut their price target for the company from $58.00 to $52.50 in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $50.67.

Summit Materials Price Performance

Shares of SUM opened at $52.54 on Friday. The business’s fifty day moving average is $52.50 and its 200 day moving average is $48.91. Summit Materials has a 12-month low of $34.64 and a 12-month high of $54.07. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The stock has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Institutional Trading of Summit Materials

A number of hedge funds have recently bought and sold shares of the business. CIBRA Capital Ltd purchased a new stake in shares of Summit Materials during the 4th quarter valued at $998,000. Jefferies Financial Group Inc. grew its position in Summit Materials by 933.1% during the fourth quarter. Jefferies Financial Group Inc. now owns 42,980 shares of the construction company’s stock valued at $2,175,000 after buying an additional 48,139 shares during the period. Polar Asset Management Partners Inc. purchased a new stake in Summit Materials during the fourth quarter worth about $5,065,000. Forum Financial Management LP bought a new stake in Summit Materials in the fourth quarter worth about $208,000. Finally, Public Employees Retirement System of Ohio boosted its stake in Summit Materials by 3,305.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 46,659 shares of the construction company’s stock valued at $2,361,000 after acquiring an additional 45,289 shares during 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.