Summit Materials, Inc. (NYSE:SUM – Get Rating) has earned a consensus recommendation of “Moderate Buy” from the eleven analysts that are currently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $32.06.
SUM has been the topic of several analyst reports. The Goldman Sachs Group reduced their target price on shares of Summit Materials from $28.50 to $24.50 and set a “neutral” rating on the stock in a report on Friday, October 14th. StockNews.com assumed coverage on shares of Summit Materials in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 10th. DA Davidson dropped their price target on shares of Summit Materials from $33.00 to $31.00 in a research note on Wednesday, October 12th. Finally, Jefferies Financial Group dropped their price target on shares of Summit Materials from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, October 3rd.
Hedge Funds Weigh In On Summit Materials
A number of hedge funds have recently modified their holdings of SUM. Envestnet Asset Management Inc. grew its position in shares of Summit Materials by 9.9% during the first quarter. Envestnet Asset Management Inc. now owns 106,261 shares of the construction company’s stock worth $3,300,000 after acquiring an additional 9,576 shares during the last quarter. Wolverine Asset Management LLC purchased a new position in shares of Summit Materials during the first quarter worth approximately $62,000. California Public Employees Retirement System purchased a new position in shares of Summit Materials during the first quarter worth approximately $1,485,000. IndexIQ Advisors LLC acquired a new stake in shares of Summit Materials during the first quarter worth $390,000. Finally, Monarch Partners Asset Management LLC lifted its holdings in shares of Summit Materials by 105.9% during the first quarter. Monarch Partners Asset Management LLC now owns 137,027 shares of the construction company’s stock worth $4,256,000 after purchasing an additional 70,469 shares during the period.
Summit Materials Stock Up 0.8 %
About Summit Materials
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, and residential and nonresidential end markets. It operates through three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
- Get a free copy of the StockNews.com research report on Summit Materials (SUM)
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