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Summit Materials (NYSE:SUM) upgraded to “B” at TheStreet

Summit Materials (NYSE: SUM – Get a rating) was upgraded by equity analysts TheStreet from a “c+” rating to a “b” rating in a note to investors released Wednesday, TheStreetRatingsTable reports.

Several other brokerages have also recently weighed in on SUM. Morgan Stanley raised its price target on Summit Materials shares from $27.00 to $29.00 and gave the company an “equal weight” rating in a report on Monday. Wolfe Research cut its price target on Summit Materials shares from $41.00 to $28.00 and set an “outperform” rating on the stock in a Thursday, July 14 report. Citigroup raised its target price on shares of Summit Materials to $35.00 in a report released Tuesday. Royal Bank of Canada downgraded shares of Summit Materials from an “sector performance” rating to an “outperform” rating and reduced its target price for the company from $33.00 to $31.00 in a report from Wednesday, June 22. Finally, DA Davidson raised its target price on Summit Materials shares to $33.00 in a report released Tuesday. Five analysts gave the stock a hold rating and three gave the stock a buy rating. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $32.29.

Summit Materials trades up 0.3%

NYSE SUM opened at $31.35 on Wednesday. The company has a 50-day simple moving average of $25.55 and a 200-day simple moving average of $28.74. The company has a debt ratio of 0.78, a quick ratio of 1.94 and a current ratio of 3.17. Summit Materials has a one-year low of $21.99 and a one-year high of $41.46. The company has a market capitalization of $3.70 billion, a price-earnings ratio of 13.63 and a beta of 1.37.

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Hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. Capital International Investors increased its position in Summit Materials shares by 59.6% during the fourth quarter. Capital International Investors now owns 6,384,589 shares of the construction company worth $256,277,000 after acquiring 2,383,606 additional shares in the last quarter. Principal Financial Group Inc. increased its position in Summit Materials shares by 16.0% during the first quarter. Principal Financial Group Inc. now owns 6,577,408 shares of the construction company worth $204,295,000 after acquiring 905,585 additional shares in the last quarter. River Road Asset Management LLC purchased a new stock position in Summit Materials during the second quarter for a value of approximately $16,566,000. Sasco Capital Inc. CT increased its position in Summit Materials shares by 114.2% in the first quarter. Sasco Capital Inc. CT now owns 994,280 shares of the construction company worth $30,882,000 after acquiring an additional 530,200 shares in the last quarter. Finally, Jennison Associates LLC increased its position in Summit Materials shares by 25.8% during the second quarter. Jennison Associates LLC now owns 2,433,480 shares of the construction company worth $56,676,000 after acquiring 499,514 additional shares in the last quarter.

About Summit Materials

(Get a rating)

Summit Materials, Inc, through its subsidiaries, produces and sells building materials and related downstream products for public infrastructure and residential and non-residential end markets. It operates through three segments: West, East and Cement. The Company’s products include aggregates, cement, ready-mixed concrete, asphalt mixes and concrete products, as well as plastic components.

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Analyst Recommendations for Summit Materials (NYSE:SUM)

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