Summit Materials (NYSE:SUM) Earns Sell Rating from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Summit Materials (NYSE:SUMFree Report) in a research note released on Saturday. The firm issued a sell rating on the construction company’s stock.

Several other research analysts have also recently issued reports on the company. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Loop Capital restated a “hold” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. DA Davidson raised their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Finally, Citigroup reiterated a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.54.

Read Our Latest Report on SUM

Summit Materials Trading Up 0.2 %

Summit Materials stock opened at $52.54 on Friday. The stock has a 50-day moving average of $51.62 and a two-hundred day moving average of $45.56. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a one year low of $34.64 and a one year 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.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.55% of the company’s stock.

Institutional Trading of Summit Materials

Several large investors have recently made changes to their positions in SUM. Empowered Funds LLC purchased a new stake in shares of Summit Materials during the fourth quarter worth approximately $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Summit Materials during the third quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Summit Materials during the third quarter worth approximately $28,000. Versant Capital Management Inc increased its position in shares of Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares in the last quarter. Finally, Toth Financial Advisory Corp increased its position in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares in the last quarter.

About Summit Materials

(Get Free Report)

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.

Read More

Analyst Recommendations for Summit Materials (NYSE:SUM)

Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.