Summit Materials, Inc. (NYSE:SUM) Receives $47.40 Average Target Price from Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have received an average rating of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $47.40.

A number of brokerages have recently weighed in on SUM. Citigroup raised their price objective on shares of Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Morgan Stanley began coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. Truist Financial dropped their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Wolfe Research raised Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Wednesday, May 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a report on Wednesday, August 7th.

Summit Materials Trading Down 0.3 %

NYSE:SUM opened at $36.08 on Thursday. Summit Materials has a 12-month low of $29.98 and a 12-month high of $44.89. The firm has a market cap of $6.34 billion, a PE ratio of 16.11 and a beta of 1.18. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The stock has a fifty day moving average price of $38.49 and a 200 day moving average price of $39.53.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the firm earned $0.71 earnings per share. The business’s quarterly revenue was up 58.1% compared to the same quarter last year. Sell-side analysts anticipate that Summit Materials will post 1.69 earnings per share for the current fiscal year.

Institutional Trading of Summit Materials

A number of large investors have recently bought and sold shares of SUM. Parallel Advisors LLC raised its holdings in shares of Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after buying an additional 399 shares during the last quarter. Quest Partners LLC acquired a new position in Summit Materials in the 2nd quarter valued at about $40,000. Register Financial Advisors LLC purchased a new stake in Summit Materials during the 1st quarter valued at approximately $45,000. Quadrant Capital Group LLC lifted its position in Summit Materials by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after acquiring an additional 382 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Summit Materials during the 1st quarter worth approximately $102,000.

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.