Summit Materials (NYSE:SUM) PT Raised to $46.00

Summit Materials (NYSE:SUM) had its price objective increased by Royal Bank of Canada from $44.00 to $46.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has a sector perform rating on the construction company’s stock.

Other research analysts have also issued reports about the stock. Stephens reissued an overweight rating and set a $45.00 target price on shares of Summit Materials in a research note on Tuesday, February 13th. Truist Financial boosted their price target on shares of Summit Materials from $50.00 to $53.00 and gave the stock a buy rating in a research report on Tuesday, April 2nd. Barclays increased their target price on shares of Summit Materials from $40.00 to $45.00 and gave the company an equal weight rating in a research note on Thursday, March 14th. The Goldman Sachs Group upped their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the company a neutral rating in a research note on Thursday, March 14th. Finally, JPMorgan Chase & Co. began coverage on Summit Materials in a research report on Friday, February 23rd. They issued an overweight rating and a $47.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $46.73.

Summit Materials Stock Performance

Shares of Summit Materials stock traded up $0.85 during trading hours on Friday, reaching $40.31. The company’s stock had a trading volume of 1,102,937 shares, compared to its average volume of 992,272. Summit Materials has a one year low of $29.93 and a one year high of $44.89. The company’s 50 day simple moving average is $41.66 and its 200 day simple moving average is $38.16. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58. The stock has a market cap of $7.02 billion, a P/E ratio of 17.62 and a beta of 1.34.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. The company had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. Summit Materials’s quarterly revenue was up 89.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.26) earnings per share. As a group, analysts expect that Summit Materials will post 2.21 EPS for the current fiscal year.

Institutional Trading of Summit Materials

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Summit Materials by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock valued at $460,688,000 after buying an additional 53,079 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Summit Materials by 20.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after purchasing an additional 1,137,500 shares during the period. Principal Financial Group Inc. grew its position in Summit Materials by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock worth $237,294,000 after purchasing an additional 64,128 shares during the last quarter. FMR LLC raised its position in shares of Summit Materials by 22.6% during the third quarter. FMR LLC now owns 3,880,931 shares of the construction company’s stock valued at $120,852,000 after buying an additional 714,379 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in Summit Materials by 3.8% during the fourth quarter. Clearbridge Investments LLC now owns 3,177,677 shares of the construction company’s stock worth $122,213,000 after buying an additional 116,540 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.