Summit Materials (NYSE:SUM) Price Target Raised to $54.00 at Royal Bank of Canada

Summit Materials (NYSE:SUM) had its target price hoisted by Royal Bank of Canada from $53.00 to $54.00 in a report issued on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the construction company’s stock.

Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group cut their price objective on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Loop Capital raised their price objective on Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley initiated coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Finally, Stephens reaffirmed an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Summit Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.92.

Summit Materials Stock Down 2.4 %

Shares of NYSE:SUM opened at $46.70 on Friday. The business’s 50-day moving average is $39.79 and its 200-day moving average is $38.99. Summit Materials has a 1 year low of $33.04 and a 1 year high of $48.22. The company has a market capitalization of $8.20 billion, a price-to-earnings ratio of 56.95 and a beta of 1.14. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 7.30%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the firm posted $0.81 EPS. The company’s quarterly revenue was up 49.9% on a year-over-year basis. Equities research analysts predict that Summit Materials will post 1.59 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in 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 purchasing an additional 262,179 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Summit Materials by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after acquiring an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in 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 valued at $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares during the period.

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.