Loop Capital Reaffirms “Hold” Rating for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM)‘s stock had its “hold” rating reaffirmed by Loop Capital in a report issued on Tuesday,Benzinga reports. They presently have a $52.50 target price on the construction company’s stock, down from their previous target price of $54.00. Loop Capital’s price objective points to a potential upside of 3.45% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Monday. Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Stephens restated an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Finally, DA Davidson increased their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials has an average rating of “Hold” and a consensus price target of $51.38.

Summit Materials Trading Down 1.8 %

Summit Materials stock opened at $50.75 on Tuesday. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. The firm’s 50 day moving average price is $43.29 and its 200-day moving average price is $40.04. 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 stock has a market cap of $8.91 billion, a P/E ratio of 61.89 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the firm posted $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. On average, equities analysts predict that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. grew 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 acquiring an additional 94,694 shares in the last quarter. Ausbil Investment Management Ltd lifted its position in Summit Materials by 355.8% during the third 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. Thrivent Financial for Lutherans boosted its stake in Summit Materials by 3.9% in the third quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock valued at $28,570,000 after acquiring an additional 27,225 shares in the last quarter. Comerica Bank increased its position in shares of Summit Materials by 215.3% during 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 in the last quarter. Finally, Royce & Associates LP lifted its holdings in shares of Summit Materials by 5.7% during the 3rd quarter. Royce & Associates LP now owns 369,869 shares of the construction company’s stock valued at $14,436,000 after purchasing an additional 19,870 shares during 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.