Summit Materials (NYSE:SUM) PT Lowered to $56.00

Summit Materials (NYSE:SUM) had its price target cut by Jefferies Financial Group from $58.00 to $56.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

Other analysts also recently issued reports about the stock. Citigroup lowered 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. Stephens reissued an overweight rating and set a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Morgan Stanley began 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. Truist Financial dropped their target price on Summit Materials from $53.00 to $47.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus dropped their target price on Summit Materials from $55.00 to $47.00 and set a buy rating on the stock in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Summit Materials presently has an average rating of Moderate Buy and a consensus price target of $47.73.

Summit Materials Stock Performance

NYSE SUM opened at $38.59 on Wednesday. The firm has a market capitalization of $6.77 billion, a P/E ratio of 17.23 and a beta of 1.17. The stock has a 50-day simple moving average of $38.29 and a two-hundred day simple moving average of $38.85. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. Summit Materials has a fifty-two week low of $30.83 and a fifty-two week high of $44.89.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the business earned $0.71 earnings per share. Summit Materials’s quarterly revenue was up 58.1% on a year-over-year basis. On average, equities analysts forecast that Summit Materials will post 1.67 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

Several institutional investors have recently bought and sold shares of the company. Johnson Investment Counsel Inc. boosted its holdings in Summit Materials by 5.8% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after buying an additional 327 shares during the last quarter. Waycross Investment Management Co boosted its holdings in Summit Materials by 1.0% in the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after buying an additional 412 shares during the last quarter. Xponance Inc. boosted its holdings in Summit Materials by 6.2% in the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after buying an additional 448 shares during the last quarter. InterOcean Capital Group LLC lifted its stake in Summit Materials by 4.5% in the 1st quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock worth $472,000 after purchasing an additional 455 shares in the last quarter. Finally, American Trust lifted its stake in Summit Materials by 8.6% in the 1st quarter. American Trust now owns 7,026 shares of the construction company’s stock worth $313,000 after purchasing an additional 557 shares in 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.