Loop Capital Forecasts Strong Price Appreciation for Summit Materials (NYSE:SUM) Stock

Summit Materials (NYSE:SUM) had its target price boosted by Loop Capital from $49.00 to $54.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Loop Capital’s price target would suggest a potential upside of 12.83% from the stock’s previous close.

Several other research analysts have also issued reports on the company. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $45.00 to $52.00 in a report on Tuesday. Citigroup decreased their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. DA Davidson restated a “neutral” rating and set a $41.00 price objective on shares of Summit Materials in a research note on Tuesday, October 15th. Truist Financial upped their target price on shares of Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Morgan Stanley initiated coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.92.

Summit Materials Trading Up 0.9 %

SUM traded up $0.45 during trading on Friday, reaching $47.86. 599,093 shares of the stock traded hands, compared to its average volume of 1,047,567. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The stock’s 50-day moving average is $39.52 and its 200 day moving average is $38.88. Summit Materials has a 12 month low of $32.32 and a 12 month high of $48.22. The stock has a market capitalization of $8.40 billion, a PE ratio of 58.18 and a beta of 1.17.

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

Institutional Trading of Summit Materials

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after buying an additional 262,179 shares in the last quarter. Ausbil Investment Management Ltd boosted its position in shares of Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after acquiring an additional 18,706 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Summit Materials by 20.7% during the first quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock worth $20,331,000 after purchasing an additional 78,111 shares in the last quarter. Comerica Bank increased its position in shares of Summit Materials by 215.3% in the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after purchasing an additional 62,173 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Summit Materials by 89.5% in the first quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock valued at $3,995,000 after purchasing an additional 42,344 shares in the last quarter.

About Summit Materials

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.