Truist Financial Boosts Summit Materials (NYSE:SUM) Price Target to $60.00

Summit Materials (NYSE:SUM) had its target price hoisted by stock analysts at Truist Financial from $47.00 to $60.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Truist Financial’s target price suggests a potential upside of 25.44% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Stephens restated an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. Morgan Stanley initiated coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Royal Bank of Canada raised shares of Summit Materials from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $45.00 to $53.00 in a research note on Friday, October 25th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Finally, Jefferies Financial Group reduced their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.92.

Summit Materials Price Performance

Shares of Summit Materials stock opened at $47.83 on Friday. Summit Materials has a 52 week low of $32.32 and a 52 week high of $48.22. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The company’s 50-day moving average price is $39.67 and its two-hundred day moving average price is $38.93. The stock has a market cap of $8.40 billion, a PE ratio of 58.33 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion during 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%. The business’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 earnings per share. As a group, sell-side analysts anticipate that Summit Materials will post 1.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds have recently modified their holdings of SUM. Vanguard Group Inc. increased its position in Summit Materials by 2.2% in 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 grew its stake in shares of Summit Materials by 0.3% in the 1st 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 in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Summit Materials by 6.6% in 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 buying an additional 448,922 shares during the last quarter. Principal Financial Group Inc. raised its position in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Finally, Victory Capital Management Inc. lifted 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 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.