Summit Materials (NYSE:SUM) Earns Sell Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of Summit Materials (NYSE:SUM) in a report issued on Sunday. The firm issued a sell rating on the construction company’s stock.

Several other analysts also recently commented on SUM. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and dropped their target price for the company from $58.00 to $52.50 in a research report on Monday, December 16th. Finally, Loop Capital reaffirmed a “hold” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Trading Up 0.2 %

NYSE:SUM opened at $52.54 on Friday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a 52 week low of $34.64 and a 52 week high of $54.07. The stock has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The company’s 50 day moving average price is $51.86 and its 200-day moving average price is $46.26.

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were 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 of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is currently owned by insiders.

Institutional Trading of Summit Materials

Hedge funds have recently modified their holdings of the stock. Polar Asset Management Partners Inc. purchased a new position in shares of Summit Materials during the 4th quarter valued at approximately $5,065,000. Forum Financial Management LP purchased a new stake in Summit Materials during the 4th quarter valued at about $208,000. Public Employees Retirement System of Ohio increased its holdings in shares of Summit Materials by 3,305.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 46,659 shares of the construction company’s stock valued at $2,361,000 after purchasing an additional 45,289 shares during the last quarter. Alpine Global Management LLC purchased a new position in shares of Summit Materials during the 4th quarter worth $1,771,000. Finally, BCK Capital Management LP purchased a new position in Summit Materials during the fourth quarter worth about $4,695,000.

Summit Materials Company Profile

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.