Summit Materials’ (SUM) “Neutral” Rating Reaffirmed at Longbow Research

Longbow Research reissued their neutral rating on shares of Summit Materials (NYSE:SUM) in a report published on Tuesday, MarketBeat.com reports.

Several other brokerages have also commented on SUM. Stephens reaffirmed an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Loop Capital reissued a “hold” rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday. 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. DA Davidson raised their price objective on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 target price (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $50.81.

Summit Materials Price Performance

Shares of NYSE SUM opened at $50.94 on Tuesday. The company’s 50-day moving average is $44.21 and its 200 day moving average is $40.34. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. The stock has a market capitalization of $8.95 billion, a P/E ratio of 62.12 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

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, topping analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. During the same quarter in the previous year, the business posted $0.81 EPS. Summit Materials’s revenue was up 49.9% compared to the same quarter last year. On average, sell-side analysts expect that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Trading of Summit Materials

Several institutional investors have recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new position in shares of Summit Materials during the 3rd quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Summit Materials in the 3rd quarter valued at approximately $28,000. Toth Financial Advisory Corp grew its stake in shares of 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 buying an additional 500 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in 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 position in shares of Summit Materials in the second quarter valued at 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.