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

Summit Materials (NYSE:SUM) had its target price upped by Royal Bank of Canada from $53.00 to $54.00 in a report published on Friday morning, Benzinga reports. They currently have an outperform rating on the construction company’s stock.

Other analysts have also recently issued research reports about the company. 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 report on Friday. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $45.00 to $52.00 in a research report on Tuesday. JPMorgan Chase & Co. reduced their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. DA Davidson reiterated a “neutral” rating and set a $41.00 price objective on shares of Summit Materials in a research report on Tuesday, October 15th. Finally, Loop Capital upped their price target on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Summit Materials currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.92.

Summit Materials Stock Up 0.9 %

Shares of SUM stock traded up $0.42 during mid-day trading on Friday, hitting $47.83. The company’s stock had a trading volume of 1,387,720 shares, compared to its average volume of 1,817,911. Summit Materials has a 52-week low of $32.32 and a 52-week high of $48.22. The business has a 50-day moving average price of $39.67 and a 200 day moving average price of $38.94. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The stock has a market cap of $8.40 billion, a price-to-earnings 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 the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 7.30% and a net margin of 3.92%. The company’s revenue was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 earnings per share. Research analysts predict 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 made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after buying an additional 262,179 shares during the last quarter. Ausbil Investment Management Ltd boosted its stake in Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after buying an additional 18,706 shares during the last quarter. Sei Investments Co. boosted its stake in Summit Materials by 20.7% during the first quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock valued at $20,331,000 after buying an additional 78,111 shares during the last quarter. Comerica Bank boosted its stake in Summit Materials by 215.3% during the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after buying an additional 62,173 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Summit Materials by 89.5% during the first quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock valued at $3,995,000 after buying an additional 42,344 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.