Summit Materials (NYSE:SUM) Price Target Raised to $54.00

Summit Materials (NYSE:SUM) had its price target raised by Loop Capital from $49.00 to $54.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a buy rating on the construction company’s stock.

A number of other equities analysts have also commented on SUM. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. DA Davidson reissued a “neutral” rating and issued a $41.00 price target on shares of Summit Materials in a research report on Tuesday, October 15th. Royal Bank of Canada raised shares of Summit Materials from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $45.00 to $53.00 in a report on Friday, October 25th. Citigroup reduced their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Truist Financial increased their price target on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.92.

Summit Materials Stock Up 0.9 %

Summit Materials stock traded up $0.42 during trading hours on Friday, hitting $47.83. The company had a trading volume of 1,387,720 shares, compared to its average volume of 1,817,911. The firm’s fifty day moving average is $39.67 and its 200-day moving average is $38.94. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials has a fifty-two week low of $32.32 and a fifty-two week high of $48.22. The firm has a market capitalization of $8.40 billion, a P/E ratio of 58.33 and a beta of 1.14.

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

Institutional Trading of Summit Materials

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after purchasing an additional 262,179 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Summit Materials by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock valued at $393,871,000 after buying an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after acquiring an additional 448,922 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares during the period.

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.