Summit Materials’ (SUM) Neutral Rating Reaffirmed at Longbow Research

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating reaffirmed by analysts at Longbow Research in a report issued on Tuesday,Benzinga reports.

A number of other research firms have also recently weighed in on SUM. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Monday. Stephens restated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Loop Capital reaffirmed a “hold” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Tuesday. Truist Financial increased their price objective on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Citigroup reaffirmed a “neutral” rating and set a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Summit Materials presently has an average rating of “Hold” and a consensus price target of $51.38.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $50.75 on Tuesday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The firm’s 50-day moving average price is $43.29 and its two-hundred day moving average price is $40.04. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49. The stock has a market capitalization of $8.91 billion, a P/E ratio of 61.89 and a beta of 1.14.

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, topping the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s revenue was up 49.9% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. As a group, sell-side analysts forecast that Summit Materials will post 1.64 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Large investors have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA increased its position in Summit Materials by 6.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after buying an additional 429,062 shares during the period. Principal Financial Group Inc. grew its stake in shares of Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares during the last quarter. Victory Capital Management Inc. increased its position in Summit Materials by 7.0% during the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after acquiring an additional 241,757 shares during the period. River Road Asset Management LLC raised its stake in Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after purchasing an additional 488,688 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 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.