Summit Materials (NYSE:SUM) Price Target Raised to $54.00 at Royal Bank of Canada

Summit Materials (NYSE:SUM) had its price target upped by investment analysts at Royal Bank of Canada from $53.00 to $54.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the construction company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 13.02% from the stock’s current price.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. cut their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Citigroup lowered their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Truist Financial increased their target price on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday. Loop Capital boosted their price objective on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Stephens reissued an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.92.

Summit Materials Stock Up 0.8 %

SUM stock traded up $0.37 during midday trading on Friday, hitting $47.78. The company’s stock had a trading volume of 687,704 shares, compared to its average volume of 1,047,984. Summit Materials has a 52-week low of $32.32 and a 52-week high of $48.22. The firm has a market capitalization of $8.39 billion, a P/E ratio of 58.18 and a beta of 1.17. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The firm has a 50-day simple moving average of $39.52 and a 200-day simple moving average of $38.88.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 7.30%. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period last year, the business earned $0.81 EPS. As a group, equities analysts forecast that Summit Materials will post 1.59 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Several hedge funds have recently bought and sold shares of the company. Johnson Investment Counsel Inc. increased its position in Summit Materials by 5.8% during the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after acquiring an additional 327 shares during the period. Waycross Investment Management Co grew its holdings in Summit Materials by 1.0% during the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after acquiring an additional 412 shares during the last quarter. Xponance Inc. increased its position in Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after purchasing an additional 448 shares during the period. InterOcean Capital Group LLC grew its position in shares of Summit Materials by 4.5% during the 1st quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock worth $472,000 after buying an additional 455 shares during the period. Finally, Toth Financial Advisory Corp grew its holdings in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares during the last quarter.

Summit Materials Company Profile

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.