Summit Materials (NYSE:SUM) Earns “Peer Perform” Rating from Wolfe Research

Summit Materials (NYSE:SUM)‘s stock had its “peer perform” rating reissued by equities researchers at Wolfe Research in a report released on Tuesday,Benzinga reports.

Several other analysts also recently weighed in on the company. Loop Capital restated a “hold” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research report on Tuesday. Citigroup restated a “neutral” rating and issued a $52.50 target price (down from $55.00) on shares of Summit Materials in a research note on Tuesday. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research note on Monday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.81.

Summit Materials Stock Performance

Shares of SUM stock traded up $0.06 during trading on Tuesday, reaching $50.81. The company had a trading volume of 9,390,673 shares, compared to its average volume of 1,272,419. The company has a market capitalization of $8.92 billion, a PE ratio of 61.96 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The firm’s 50 day simple moving average is $43.29 and its two-hundred day simple moving average is $40.04. Summit Materials has a one year low of $34.38 and a one year high of $53.49.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS. Sell-side analysts forecast that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

A number of large investors have recently bought and sold shares of the business. River Road Asset Management LLC boosted its stake in Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after purchasing an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Millennium Management LLC grew its stake in shares of Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after purchasing an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after purchasing an additional 313,957 shares in the last quarter. Finally, Troluce Capital Advisors LLC bought a new position in Summit Materials in the 2nd quarter worth approximately $10,983,000.

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.