Summit Materials (NYSE:SUM) Sets New 12-Month High on Analyst Upgrade

Shares of Summit Materials, Inc. (NYSE:SUM) hit a new 52-week high during mid-day trading on Wednesday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $51.68 and last traded at $51.47, with a volume of 4305 shares changing hands. The stock had previously closed at $47.42.

Several other analysts have also issued reports on SUM. Truist Financial upped their price objective on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Morgan Stanley began coverage on Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. Loop Capital raised their price target on Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Citigroup reduced their target price on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, Stephens restated an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Summit Materials presently has an average rating of “Moderate Buy” and an average target price of $50.38.

Institutional Trading of Summit Materials

Institutional investors have recently modified their holdings of the stock. V Square Quantitative Management LLC bought a new stake in Summit Materials during the third quarter worth about $27,000. Toth Financial Advisory Corp increased its stake in shares of Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after buying an additional 913 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Summit Materials during the 2nd quarter worth $40,000. Finally, Farther Finance Advisors LLC boosted its stake in Summit Materials by 275.7% in the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after buying an additional 951 shares in the last quarter.

Summit Materials Stock Performance

The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The stock has a market cap of $8.78 billion, a P/E ratio of 57.83 and a beta of 1.14. The stock has a 50-day simple moving average of $39.96 and a 200-day simple moving average of $39.05.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The company 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 6.90%. The firm’s revenue was up 49.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 EPS. Research analysts forecast that Summit Materials, Inc. will post 1.6 earnings per share for the current year.

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.