Analysts Set Summit Materials, Inc. (NYSE:SUM) Price Target at $50.54

Summit Materials, Inc. (NYSE:SUM) has received an average rating of “Hold” from the fourteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $50.54.

SUM has been the topic of a number of recent analyst reports. Citigroup reissued a “neutral” rating and issued a $52.50 price target (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. StockNews.com began coverage on shares of Summit Materials in a report on Tuesday. They issued a “sell” rating on the stock. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Truist Financial reissued a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Loop Capital reaffirmed a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th.

Insider Buying and Selling at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SUM. Johnson Investment Counsel Inc. raised its holdings in Summit Materials by 5.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after buying an additional 327 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after acquiring an additional 353 shares during the period. Assetmark Inc. raised its stake in shares of Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after acquiring an additional 411 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Summit Materials by 6.2% during 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, Toth Financial Advisory Corp increased its holdings in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares during the period.

Summit Materials Price Performance

NYSE SUM opened at $52.06 on Wednesday. The company has a market cap of $9.14 billion, a PE ratio of 63.49 and a beta of 1.14. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The firm’s 50-day simple moving average is $50.61 and its two-hundred day simple moving average is $43.28.

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. 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 the consensus estimate of $1.17 billion. During the same period in the prior year, the firm posted $0.81 earnings per share. The company’s revenue for the quarter was up 49.9% on a year-over-year basis. Research analysts predict that Summit Materials will post 1.66 earnings per share for the current year.

Summit Materials Company Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.