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

Citigroup restated their neutral rating on shares of Summit Materials (NYSE:SUM) in a research report released on Tuesday, Marketbeat reports. Citigroup currently has a $52.50 price target on the construction company’s stock, down from their prior price target of $55.00.

SUM has been the topic of a number of other reports. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Stephens reissued an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Finally, DA Davidson lifted their price objective on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. One equities 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 stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $50.81.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $50.94 on Tuesday. 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 company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 62.12 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 firm has a 50 day moving average of $44.21 and a 200 day moving average of $40.34.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 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 during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. On average, sell-side analysts predict that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

A number of large investors have recently modified their holdings of SUM. Franklin Resources Inc. purchased a new position in Summit Materials in the third quarter valued at about $7,359,000. Synovus Financial Corp grew its stake in Summit Materials by 13.6% in the 3rd quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after acquiring an additional 3,390 shares during the last quarter. Tidal Investments LLC grew its position in shares of Summit Materials by 32.0% in the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock valued at $534,000 after purchasing an additional 3,321 shares during the last quarter. World Investment Advisors LLC acquired a new stake in shares of Summit Materials in the third quarter valued at approximately $457,000. Finally, Sanctuary Advisors LLC increased its stake in shares of Summit Materials by 50.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock worth $991,000 after purchasing an additional 8,559 shares in the last quarter.

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.