Summit Materials (NYSE:SUM) Rating Increased to Overweight at Barclays

Barclays upgraded shares of Summit Materials (NYSE:SUM) from an equal weight rating to an overweight rating in a research report report published on Tuesday, Marketbeat reports. The brokerage currently has $52.00 price target on the construction company’s stock, up from their prior price target of $45.00.

SUM has been the subject of a number of other reports. Truist Financial lowered their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Stephens restated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Citigroup cut their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. JPMorgan Chase & Co. decreased their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Finally, Jefferies Financial Group dropped their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.92.

Summit Materials Trading Up 0.9 %

NYSE SUM opened at $47.83 on Tuesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. Summit Materials has a one year low of $32.32 and a one year high of $48.22. The company has a 50-day simple moving average of $39.67 and a 200-day simple moving average of $38.94. The firm has a market capitalization of $8.40 billion, a PE ratio of 58.33 and a beta of 1.17.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 7.30% and a net margin of 3.92%. Summit Materials’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 earnings per share. On average, equities analysts forecast that Summit Materials will post 1.59 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors have recently added to or reduced their stakes in the company. Johnson Investment Counsel Inc. raised its stake in shares of Summit Materials by 5.8% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after buying an additional 327 shares in the last quarter. Assetmark Inc. grew its holdings in Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after acquiring an additional 411 shares during the period. Waycross Investment Management Co raised its position in Summit Materials by 1.0% in the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after acquiring an additional 412 shares in the last quarter. Xponance Inc. lifted its holdings in Summit Materials by 6.2% in the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after acquiring an additional 448 shares during the last quarter. Finally, InterOcean Capital Group LLC boosted its position in shares of Summit Materials by 4.5% during the 1st quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock valued at $472,000 after purchasing an additional 455 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.