Summit Materials (NYSE:SUM) was downgraded by TheStreet from a “b” rating to a “c” rating in a note issued to investors on Thursday.
Several other equities analysts have also issued reports on the company. Barclays started coverage on Summit Materials in a research note on Tuesday, December 12th. They issued an “equal weight” rating and a $32.00 price target on the stock. Canaccord Genuity reiterated a “buy” rating and issued a $12.50 price target on shares of Summit Materials in a research note on Wednesday, November 8th. Bank of America lifted their price target on Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. SunTrust Banks set a $38.00 price target on Summit Materials and gave the company a “buy” rating in a research note on Tuesday, October 24th. Finally, Zacks Investment Research upgraded Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $32.44.
Summit Materials (NYSE SUM) opened at $28.85 on Thursday. The firm has a market capitalization of $3,136.90, a price-to-earnings ratio of 43.02, a price-to-earnings-growth ratio of 1.82 and a beta of 1.81. The company has a quick ratio of 2.01, a current ratio of 2.59 and a debt-to-equity ratio of 1.48. Summit Materials has a fifty-two week low of $22.19 and a fifty-two week high of $34.06.
A number of hedge funds have recently modified their holdings of SUM. Bank of Montreal Can grew its position in Summit Materials by 310.5% during the 4th quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock worth $104,000 after acquiring an additional 2,515 shares during the last quarter. First Manhattan Co. bought a new stake in Summit Materials during the 3rd quarter worth $160,000. Cubist Systematic Strategies LLC bought a new stake in Summit Materials during the 3rd quarter worth $180,000. Daiwa Securities Group Inc. bought a new stake in Summit Materials during the 3rd quarter worth $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Summit Materials by 39.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock worth $220,000 after acquiring an additional 1,985 shares during the last quarter.
Summit Materials Company Profile
Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.
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