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

Equities research analysts at StockNews.com began coverage on shares of Summit Materials (NYSE:SUM) in a research report issued to clients and investors on Tuesday. The firm set a “sell” rating on the construction company’s stock.

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

Summit Materials Price Performance

SUM stock opened at $52.54 on Tuesday. 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 company has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The business has a 50 day simple moving average of $52.54 and a 200-day simple moving average of $51.19. Summit Materials has a twelve month low of $34.64 and a twelve month high of $54.07.

Institutional Trading of Summit Materials

Several hedge funds and other institutional investors have recently made changes to their positions in SUM. Mariner LLC grew its holdings in Summit Materials by 2.3% in the fourth quarter. Mariner LLC now owns 8,641 shares of the construction company’s stock valued at $437,000 after purchasing an additional 196 shares during the last quarter. Arizona State Retirement System raised its holdings in Summit Materials by 0.9% in the 4th quarter. Arizona State Retirement System now owns 35,671 shares of the construction company’s stock valued at $1,805,000 after acquiring an additional 304 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares during the period. Synovus Financial Corp boosted its holdings in shares of Summit Materials by 1.6% during the fourth quarter. Synovus Financial Corp now owns 28,689 shares of the construction company’s stock worth $1,452,000 after purchasing an additional 445 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of Summit Materials in the fourth quarter valued at $25,000.

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.