Brokerages Set Summit Materials, Inc. (NYSE:SUM) Target Price at $50.38

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $51.00.

A number of equities analysts have issued reports on SUM shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday. 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday. Jefferies Financial Group decreased 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 report on Wednesday, October 9th. Finally, Citigroup cut their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th.

Summit Materials Trading Down 1.8 %

SUM opened at $50.75 on Tuesday. The company’s 50 day moving average is $43.29 and its 200-day moving average is $40.04. The company has a market cap of $8.91 billion, a P/E ratio of 61.89 and a beta of 1.14. Summit Materials has a 1-year low of $34.38 and a 1-year high of $53.49. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SUM. V Square Quantitative Management LLC purchased a new position in shares of Summit Materials in the 3rd quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials in the third quarter worth about $28,000. Toth Financial Advisory Corp boosted its stake in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Summit Materials during the 2nd quarter worth approximately $40,000.

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.