Summit Materials (NYSE:SUM) Stock Price Passes Above 50 Day Moving Average – Here’s Why

Summit Materials, Inc. (NYSE:SUM)’s stock price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $52.54 and traded as high as $54.07. Summit Materials shares last traded at $52.54, with a volume of 4,694,636 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen assumed coverage on shares of Summit Materials in a report on Thursday, May 22nd. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $50.82.

Summit Materials Stock Up 0.2%

The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The business has a 50 day moving average of $52.54 and a 200 day moving average of $52.22. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently made changes to their positions in the business. CoreFirst Bank & Trust bought a new position in shares of Summit Materials during the 4th quarter worth about $56,000. Covestor Ltd raised its position in Summit Materials by 207.7% in the fourth quarter. Covestor Ltd now owns 1,831 shares of the construction company’s stock worth $93,000 after purchasing an additional 1,236 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Summit Materials by 827.1% during the fourth quarter. Sterling Capital Management LLC now owns 3,866 shares of the construction company’s stock worth $196,000 after purchasing an additional 3,449 shares during the period. Forum Financial Management LP bought a new position in Summit Materials during the fourth quarter worth about $208,000. Finally, Peapack Gladstone Financial Corp acquired a new stake in Summit Materials during the fourth quarter valued at approximately $217,000.

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.