Summit Materials (NYSE:SUM) Hits New 1-Year High at $44.51

Summit Materials, Inc. (NYSE:SUM)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $44.51 and last traded at $44.44, with a volume of 95299 shares trading hands. The stock had previously closed at $44.03.

Wall Street Analysts Forecast Growth

SUM has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their price objective on shares of Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 14th. The Goldman Sachs Group increased their target price on Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, March 14th. JPMorgan Chase & Co. began coverage on Summit Materials in a research note on Friday, February 23rd. They issued an “overweight” rating and a $47.00 target price on the stock. Barclays boosted their price objective on shares of Summit Materials from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Finally, Truist Financial lifted their target price on Summit Materials from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Summit Materials currently has a consensus rating of “Moderate Buy” and an average price target of $45.09.

Summit Materials Trading Up 1.2 %

The company has a quick ratio of 4.62, a current ratio of 5.36 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $7.77 billion, a price-to-earnings ratio of 18.50 and a beta of 1.32. The business’s 50-day simple moving average is $39.97 and its two-hundred day simple moving average is $36.41.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.04. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The firm had revenue of $613.13 million during the quarter, compared to analysts’ expectations of $560.90 million. During the same quarter in the previous year, the business posted $0.32 earnings per share. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. Equities analysts forecast that Summit Materials, Inc. will post 2.31 earnings per share for the current year.

Institutional Trading of Summit Materials

A number of institutional investors have recently bought and sold shares of SUM. Vanguard Group Inc. boosted its holdings in shares of Summit Materials by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock valued at $460,688,000 after acquiring an additional 53,079 shares in the last quarter. BlackRock Inc. lifted its holdings in Summit Materials by 5.3% in the second quarter. BlackRock Inc. now owns 9,616,329 shares of the construction company’s stock valued at $363,978,000 after acquiring an additional 485,086 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Summit Materials by 2.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,028,677 shares of the construction company’s stock worth $256,324,000 after purchasing an additional 208,355 shares in the last quarter. Capital International Investors grew its stake in shares of Summit Materials by 8.1% during the 1st quarter. Capital International Investors now owns 6,903,885 shares of the construction company’s stock worth $214,435,000 after purchasing an additional 519,296 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Summit Materials by 20.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after purchasing an additional 1,137,500 shares in 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.