StockNews.com Begins Coverage on Summit Materials (NYSE:SUM)

StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a report published on Wednesday. The firm issued a sell rating on the construction company’s stock.

A number of other research analysts have also commented on SUM. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Truist Financial restated a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $50.67.

Summit Materials Stock Up 0.2 %

Shares of SUM opened at $52.54 on Wednesday. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The business’s fifty day moving average price is $52.43 and its two-hundred day moving average price is $47.82. Summit Materials has a 52 week low of $34.64 and a 52 week high of $54.07.

Hedge Funds Weigh In On Summit Materials

Several hedge funds have recently modified their holdings of SUM. KBC Group NV grew its holdings in Summit Materials by 19.8% during the third quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock worth $149,000 after purchasing an additional 629 shares during the period. Natixis Advisors LLC grew its holdings in Summit Materials by 35.0% during the third quarter. Natixis Advisors LLC now owns 28,070 shares of the construction company’s stock worth $1,096,000 after purchasing an additional 7,282 shares during the period. Thrivent Financial for Lutherans grew its holdings in Summit Materials by 3.9% during the third quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after purchasing an additional 27,225 shares during the period. Segall Bryant & Hamill LLC grew its holdings in Summit Materials by 6.5% during the third quarter. Segall Bryant & Hamill LLC now owns 1,547,312 shares of the construction company’s stock worth $60,392,000 after purchasing an additional 94,177 shares during the period. Finally, Jennison Associates LLC bought a new position in Summit Materials during the third quarter worth about $650,000.

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.