Investment analysts at StockNews.com started coverage on shares of Summit Materials (NYSE:SUM - Get Free Report) in a research note issued on Saturday. The brokerage set a "sell" rating on the construction company's stock.
A number of other brokerages also recently issued reports on SUM. Longbow Research reiterated a "neutral" rating on shares of Summit Materials in a research note on Tuesday, November 26th. Jefferies Financial Group downgraded Summit Materials from a "buy" rating to a "hold" rating and lowered their price objective for the company from $58.00 to $52.50 in a research report on Monday, December 16th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $52.50 price target (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Barclays upgraded shares of Summit Materials from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Finally, Citigroup restated a "neutral" rating and set a $52.50 target price (down previously 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 given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $50.54.
Read Our Latest Stock Report on Summit Materials
Summit Materials Stock Performance
Shares of NYSE:SUM traded up $0.09 during midday trading on Friday, hitting $52.54. The company had a trading volume of 4,694,636 shares, compared to its average volume of 2,756,030. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a fifty day moving average of $51.66 and a two-hundred day moving average of $45.64. Summit Materials has a 12-month low of $34.64 and a 12-month high of $54.07.
Insider Buying and Selling at Summit Materials
In other news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.55% of the company's stock.
Institutional Trading of Summit Materials
Large investors have recently made changes to their positions in the stock. Empowered Funds LLC bought a new stake in shares of Summit Materials during the fourth quarter valued at approximately $25,000. V Square Quantitative Management LLC bought a new stake in Summit Materials during the 3rd quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials during the 3rd quarter valued at $28,000. Versant Capital Management Inc lifted its holdings in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company's stock worth $28,000 after buying an additional 353 shares during the period. Finally, Toth Financial Advisory Corp grew its position in shares of Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company's stock worth $33,000 after buying 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.
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