Summit Materials, Inc. (NYSE:SUM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Summit Materials, Inc. (NYSE:SUM) has received an average rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $47.40.

Several brokerages have commented on SUM. Stifel Nicolaus decreased their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Stephens restated an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Truist Financial cut their price target on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley initiated coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $45.00 target price on shares of Summit Materials in a research note on Wednesday, August 7th.

Summit Materials Price Performance

NYSE SUM opened at $37.06 on Monday. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 16.54 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The stock’s fifty day moving average price is $38.57 and its 200 day moving average price is $39.07. Summit Materials has a 1 year low of $30.83 and a 1 year high of $44.89.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the company earned $0.71 earnings per share. The company’s revenue was up 58.1% on a year-over-year basis. As a group, equities research analysts forecast that Summit Materials will post 1.67 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Large investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC increased its position in shares of Summit Materials by 17.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 13,553 shares of the construction company’s stock valued at $521,000 after buying an additional 1,965 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Summit Materials by 3.4% in the 4th quarter. Wells Fargo & Company MN now owns 202,404 shares of the construction company’s stock worth $7,784,000 after acquiring an additional 6,633 shares in the last quarter. Corient Private Wealth LLC acquired a new position in Summit Materials during the fourth quarter worth $676,000. Parallel Advisors LLC lifted its holdings in Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after purchasing an additional 399 shares in the last quarter. Finally, TFO Wealth Partners LLC grew its position in shares of Summit Materials by 45,250.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,721 shares of the construction company’s stock valued at $105,000 after purchasing an additional 2,715 shares during the period.

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.