Summit Materials (NYSE:SUM) Raised to “Hold” at StockNews.com

Summit Materials (NYSE:SUM) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

A number of other research analysts have also weighed in on SUM. Truist Financial raised their price target on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research report on Friday. Citigroup dropped their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. DA Davidson raised their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday. Loop Capital lifted their target price on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Royal Bank of Canada lifted their price objective on shares of Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.38.

Summit Materials Stock Up 1.5 %

NYSE SUM traded up $0.72 on Tuesday, hitting $47.42. 1,887,986 shares of the company were exchanged, compared to its average volume of 1,057,974. The company has a market cap of $8.33 billion, a PE ratio of 57.83 and a beta of 1.14. Summit Materials has a 12 month low of $33.04 and a 12 month high of $48.22. The stock has a fifty day moving average of $39.96 and a 200-day moving average of $39.05. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share 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 firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the firm earned $0.81 earnings per share. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. As a group, analysts forecast that Summit Materials will post 1.59 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Summit Materials by 0.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock valued at $393,871,000 after purchasing an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares in the last quarter. Principal Financial Group Inc. grew its stake in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Summit Materials by 7.0% during the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 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.