Brokerages Set Summit Materials, Inc. (NYSE:SUM) Target Price at $47.40

Summit Materials, Inc. (NYSE:SUM) has been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $47.40.

SUM has been the subject of a number of recent research reports. Citigroup upped their price target on Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Morgan Stanley started coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus lowered 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.

Summit Materials Price Performance

Shares of SUM stock opened at $37.06 on Monday. The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of 16.54 and a beta of 1.17. Summit Materials has a 12-month low of $30.83 and a 12-month high of $44.89. The firm has a fifty day moving average of $38.57 and a 200-day moving average of $39.02. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

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

Institutional Trading of Summit Materials

A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC lifted its holdings in Summit Materials by 386.3% during the 3rd quarter. SG Americas Securities LLC now owns 14,229 shares of the construction company’s stock valued at $555,000 after purchasing an additional 11,303 shares during the last quarter. American Trust raised its position in shares of Summit Materials by 18.5% in the second quarter. American Trust now owns 8,329 shares of the construction company’s stock valued at $305,000 after purchasing an additional 1,303 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of Summit Materials during the 2nd quarter worth about $674,000. Truist Financial Corp bought a new stake in shares of Summit Materials during the 2nd quarter worth about $314,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Summit Materials by 16.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,717 shares of the construction company’s stock valued at $173,000 after buying an additional 680 shares during 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.