Summit Materials, Inc. (NYSE:SUM) Receives $50.67 Average Target Price from Brokerages

Shares of Summit Materials, Inc. (NYSE:SUM) have received an average recommendation of “Hold” from the thirteen analysts that are covering the stock, MarketBeat Ratings reports. Ten analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $50.67.

A number of brokerages recently issued reports on SUM. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Finally, StockNews.com began coverage on shares of Summit Materials in a research report on Wednesday, March 19th. They issued a “sell” rating on the stock.

Summit Materials Stock Performance

Summit Materials stock opened at $52.54 on Monday. Summit Materials has a 1-year low of $34.64 and a 1-year high of $54.07. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The firm’s 50 day simple moving average is $52.45 and its 200 day simple moving average is $48.22.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors have recently made changes to their positions in SUM. Vanguard Group Inc. lifted its stake in Summit Materials by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock worth $626,074,000 after purchasing an additional 56,602 shares during the last quarter. Principal Financial Group Inc. increased its holdings 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 worth $206,445,000 after buying an additional 94,694 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Summit Materials by 11.7% in the 4th quarter. Janus Henderson Group PLC now owns 3,096,383 shares of the construction company’s stock valued at $156,682,000 after acquiring an additional 324,902 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Summit Materials by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after acquiring an additional 9,566 shares during the period. Finally, TIG Advisors LLC bought a new position in Summit Materials during the 4th quarter worth approximately $105,181,000.

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.