Summit Materials (NYSE:SUM) Price Target Raised to $47.00

Summit Materials (NYSE:SUM) had its target price boosted by stock analysts at DA Davidson from $41.00 to $47.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the construction company’s stock. DA Davidson’s price objective suggests a potential downside of 0.89% from the company’s previous close.

Several other equities research analysts have also weighed in on SUM. Jefferies Financial Group dropped their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Loop Capital lifted their price target on shares of Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada boosted their price objective on shares of Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Morgan Stanley began coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Summit Materials has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Trading Up 1.5 %

Shares of SUM stock traded up $0.72 during mid-day trading on Tuesday, reaching $47.42. The stock had a trading volume of 1,928,117 shares, compared to its average volume of 1,057,974. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The stock’s 50-day moving average price is $39.79 and its two-hundred day moving average price is $38.99. The firm has a market capitalization of $8.33 billion, a PE ratio of 57.83 and a beta of 1.14. Summit Materials has a 52-week low of $33.04 and a 52-week high of $48.22.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data 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. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. Equities analysts expect that Summit Materials will post 1.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SUM. Johnson Investment Counsel Inc. raised its stake in shares of Summit Materials by 5.8% in the second 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 period. Assetmark Inc. raised its stake in Summit Materials by 6.3% during the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after acquiring an additional 411 shares during the period. Waycross Investment Management Co lifted its holdings in Summit Materials by 1.0% during the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after purchasing an additional 412 shares in the last quarter. Xponance Inc. boosted its position in shares of Summit Materials by 6.2% in the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after purchasing an additional 448 shares during the period. Finally, InterOcean Capital Group LLC increased its stake in shares of Summit Materials by 4.5% in the first 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.

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.