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

Summit Materials (NYSE:SUM) had its price target upped by Loop Capital from $49.00 to $54.00 in a report published on Friday, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Several other equities analysts also recently weighed in on SUM. Citigroup cut their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. DA Davidson reissued a “neutral” rating and issued a $41.00 target price on shares of Summit Materials in a research note on Tuesday, October 15th. Stephens reaffirmed an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Royal Bank of Canada raised shares of Summit Materials from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $45.00 to $53.00 in a research report on Friday, October 25th. Finally, Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials presently has an average rating of “Moderate Buy” and an average price target of $49.92.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $47.83 on Friday. The firm has a fifty day simple moving average of $39.67 and a two-hundred day simple moving average of $38.93. Summit Materials has a 52 week low of $32.32 and a 52 week high of $48.22. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The stock 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 released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 7.30% and a net margin of 3.92%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business posted $0.81 earnings per share. The firm’s revenue was up 49.9% on a year-over-year basis. On average, analysts expect that Summit Materials will post 1.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Summit Materials in the third quarter worth about $27,000. Toth Financial Advisory Corp lifted its position 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 worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares in the last quarter. Quest Partners LLC bought a new position in shares of Summit Materials during the second quarter valued at approximately $40,000. Finally, Farther Finance Advisors LLC raised 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 worth $51,000 after buying an additional 951 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.