Summit Materials (NYSE:SUM) Earns “Neutral” Rating from JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their neutral rating on shares of Summit Materials (NYSE:SUM) in a report published on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has a $52.50 price target on the construction company’s stock, up from their prior price target of $43.00.

A number of other research analysts also recently weighed in on SUM. Truist Financial raised their price target on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. StockNews.com cut shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Monday. Jefferies Financial Group cut their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.81.

Summit Materials Stock Performance

Shares of SUM stock opened at $51.09 on Monday. Summit Materials has a 12 month low of $34.38 and a 12 month high of $53.49. The company’s fifty day simple moving average is $43.98 and its 200-day simple moving average is $40.26. The firm has a market cap of $8.97 billion, a PE ratio of 62.30 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 EPS. Equities research analysts expect that Summit Materials will post 1.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

Institutional investors have recently modified their holdings of the business. V Square Quantitative Management LLC bought a new position in Summit Materials during the third quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Summit Materials during the 3rd quarter worth approximately $28,000. Toth Financial Advisory Corp grew its position in shares of Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the period. Finally, Quest Partners LLC acquired a new stake in shares of Summit Materials in the second quarter valued at approximately $40,000.

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.