Summit Materials, Inc. (NYSE:SUM) Receives Average Rating of "Hold" from Brokerages

Summit Materials, Inc. (NYSE:SUM - Get Free Report) has been assigned an average rating of "Hold" from the fourteen ratings firms that are presently covering the firm, MarketBeat.com reports. Eleven research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $50.54.

A number of research analysts have recently weighed in on the company. Jefferies Financial Group downgraded Summit Materials from a "buy" rating to a "hold" rating and cut their price target for the company from $58.00 to $52.50 in a research note on Monday, December 16th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $52.50 target price (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Longbow Research reiterated a "neutral" rating on shares of Summit Materials in a research report on Tuesday, November 26th. Stephens cut shares of Summit Materials from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 7th. Finally, Truist Financial reiterated a "hold" rating and set a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th.

Summit Materials Stock Up 0.0 %

NYSE SUM traded up $0.02 during trading on Friday, hitting $52.35. 3,146,112 shares of the company traded hands, compared to its average volume of 3,589,453. 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 business has a fifty day simple moving average of $51.37 and a 200 day simple moving average of $44.84. The company has a market capitalization of $9.19 billion, a P/E ratio of 63.84 and a beta of 1.13. Summit Materials has a 12 month low of $34.64 and a 12 month high of $53.49.

Insider Buying and Selling at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently bought and sold shares of SUM. Massachusetts Financial Services Co. MA lifted its holdings in shares of Summit Materials by 6.0% during 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 purchasing an additional 429,062 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company's stock valued at $206,445,000 after purchasing an additional 94,694 shares during the period. River Road Asset Management LLC raised its holdings in shares of Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company's stock worth $139,257,000 after buying an additional 488,688 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company's stock worth $108,885,000 after buying an additional 9,566 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company's stock valued at $68,419,000 after purchasing an additional 313,957 shares in 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.