Summit Materials (NYSE:SUM) Given Neutral Rating at JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their neutral rating on shares of Summit Materials (NYSE:SUM) in a research report sent to investors on Monday morning,Benzinga reports. They currently have a $52.50 price target on the construction company’s stock, up from their prior price target of $43.00.

SUM has been the topic of a number of other reports. Citigroup cut their target price 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. Jefferies Financial Group dropped their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a report on Monday. Finally, StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $51.09 on Monday. 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 has a 50 day simple moving average of $43.98 and a 200 day simple moving average of $40.26. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The firm has a market cap of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the firm earned $0.81 EPS. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. Sell-side analysts predict that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors and hedge funds have recently modified their holdings of SUM. Principal Financial Group Inc. raised its holdings in Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after buying an additional 94,694 shares during the period. Ausbil Investment Management Ltd increased its position in shares of Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after acquiring an additional 18,706 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Summit Materials by 3.9% during the third quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after acquiring an additional 27,225 shares during the period. Comerica Bank lifted its position in Summit Materials by 215.3% in the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after acquiring an additional 62,173 shares in the last quarter. Finally, Royce & Associates LP lifted its position in Summit Materials by 5.7% in the 3rd quarter. Royce & Associates LP now owns 369,869 shares of the construction company’s stock valued at $14,436,000 after acquiring an additional 19,870 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.