Summit Materials (NYSE:SUM) Hits New 12-Month High - Time to Buy?

Summit Materials, Inc. (NYSE:SUM - Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as $54.07 and last traded at $52.53, with a volume of 4689636 shares. The stock had previously closed at $52.45.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SUM. Wolfe Research reiterated a "peer perform" rating on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial reiterated a "hold" rating and set a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Stephens cut Summit Materials from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 7th. Loop Capital reissued a "hold" rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, StockNews.com assumed coverage on Summit Materials in a research report on Friday, February 7th. They issued a "sell" rating for the company. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Summit Materials presently has an average rating of "Hold" and an average target price of $50.54.

Summit Materials Trading Up 0.2 %

The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The business has a fifty day simple moving average of $51.59 and a 200 day simple moving average of $45.41. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

Insider Buying and Selling at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the sale, the insider now directly owns 40,221 shares of the company's stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.55% of the company's stock.

Institutional Trading of Summit Materials

Large investors have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Summit Materials during the 4th quarter worth $704,000. Franklin Resources Inc. acquired a new stake in shares of Summit Materials during the 3rd quarter worth $7,359,000. Principal Financial Group Inc. grew its holdings in shares of 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 worth $206,445,000 after purchasing an additional 94,694 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Summit Materials by 1,436.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company's stock worth $44,501,000 after purchasing an additional 822,222 shares in the last quarter. Finally, Ausbil Investment Management Ltd boosted its stake in Summit Materials by 355.8% in the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company's stock valued at $935,000 after buying an additional 18,706 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.