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

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

Several other equities research analysts also recently weighed in on the company. Truist Financial reaffirmed a “hold” rating and set a $52.50 price target (down from $60.00) on shares of Summit Materials in a report 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 report on Tuesday, November 26th. Loop Capital reaffirmed a “hold” rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and decreased their price target for the stock from $58.00 to $52.50 in a report on Monday, December 16th. 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. Based on data from MarketBeat.com, Summit Materials has an average rating of “Hold” and an average price target of $50.67.

Summit Materials Price Performance

SUM stock opened at $52.54 on Wednesday. The company has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. Summit Materials has a twelve month low of $34.64 and a twelve month high of $54.07. The business has a 50 day simple moving average of $52.41 and a 200-day simple moving average of $47.70. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Summit Materials by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock valued at $626,074,000 after buying an additional 56,602 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after buying an additional 429,062 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after buying an additional 94,694 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Summit Materials by 11.7% in the fourth quarter. Janus Henderson Group PLC now owns 3,096,383 shares of the construction company’s stock valued at $156,682,000 after buying an additional 324,902 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Summit Materials by 0.3% in the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after buying an additional 9,566 shares in the last quarter.

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.