Summit Materials (NYSE:SUM) Price Target Raised to $47.00

Summit Materials (NYSE:SUM) had its price target hoisted by DA Davidson from $41.00 to $47.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the construction company’s stock.

A number of other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. reduced their target price on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Loop Capital lifted their target price on Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Stephens reissued an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Jefferies Financial Group reduced their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Morgan Stanley initiated coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.38.

Summit Materials Stock Up 1.5 %

SUM stock opened at $47.42 on Tuesday. Summit Materials has a 52 week low of $33.04 and a 52 week high of $48.22. The business has a 50-day simple moving average of $39.96 and a 200 day simple moving average of $39.05. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The company has a market cap of $8.33 billion, a PE ratio of 57.83 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion during 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 business’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 EPS. Sell-side analysts anticipate that Summit Materials will post 1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

Institutional investors have recently modified their holdings of the company. Hood River Capital Management LLC acquired a new stake in Summit Materials in the first quarter worth $33,206,000. River Road Asset Management LLC lifted its stake in shares of Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after buying an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of 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 buying an additional 448,922 shares during the last quarter. Interval Partners LP bought a new stake in shares of Summit Materials during the first quarter worth about $18,051,000. Finally, Millennium Management LLC raised its holdings in shares of Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after acquiring an additional 399,072 shares during 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.