Summit Materials (NYSE:SUM) Hits New 12-Month High – Time to Buy?

Summit Materials, Inc. (NYSE:SUM)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $53.49 and last traded at $51.87, with a volume of 1423985 shares traded. The stock had previously closed at $48.40.

Analysts Set New Price Targets

Several research firms recently commented on SUM. JPMorgan Chase & Co. decreased their price objective on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Truist Financial upped their target price on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. StockNews.com lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday. Loop Capital upped their target price on shares of Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Stephens restated an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.38.

Summit Materials Price Performance

The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company’s 50-day simple moving average is $42.49 and its 200-day simple moving average is $39.81. The company has a market cap of $8.98 billion, a price-to-earnings ratio of 59.04 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $1.17 billion. During the same quarter last year, the company earned $0.81 earnings per share. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, equities research analysts anticipate that Summit Materials, Inc. will post 1.64 EPS for the current year.

Hedge Funds Weigh In On Summit Materials

Several large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in Summit Materials in the third quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Summit Materials during the third quarter valued at $28,000. Toth Financial Advisory Corp grew its holdings in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares during the period. International Assets Investment Management LLC grew its holdings in 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 acquiring an additional 913 shares during the period. Finally, Quest Partners LLC acquired a new position in Summit Materials during the second quarter worth about $40,000.

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.