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

Equities research analysts at StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUM) in a note issued to investors on Sunday. The brokerage set a “sell” rating on the construction company’s stock.

Separately, Stephens lowered shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $50.67.

Summit Materials Stock Performance

Shares of SUM opened at $52.54 on Friday. The company has a market capitalization of $9.23 billion, a PE 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 company’s 50 day moving average price is $52.54 and its 200 day moving average price is $50.25. Summit Materials has a 52 week low of $34.64 and a 52 week high of $54.07.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors have recently made changes to their positions in SUM. CIBRA Capital Ltd bought a new stake in Summit Materials during the fourth quarter worth about $998,000. Jefferies Financial Group Inc. raised its stake in shares of 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 acquiring an additional 48,139 shares during the last quarter. Polar Asset Management Partners Inc. bought a new stake in shares of Summit Materials in the 4th quarter valued at about $5,065,000. Forum Financial Management LP acquired a new stake in Summit Materials during the 4th quarter valued at approximately $208,000. Finally, Public Employees Retirement System of Ohio raised its stake in Summit Materials by 3,305.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 46,659 shares of the construction company’s stock worth $2,361,000 after buying 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.