Summit Materials, Inc. (NYSE:SUM) Receives Average Recommendation of “Moderate Buy” from Analysts

Summit Materials, Inc. (NYSE:SUM) has earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $47.40.

Several equities research analysts have issued reports on the company. Stephens reaffirmed an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial reduced their target price on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Citigroup boosted their price objective on Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Morgan Stanley started coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock.

Institutional Trading of Summit Materials

A number of institutional investors and hedge funds have recently made changes to their positions in SUM. Vanguard Group Inc. boosted its holdings in shares of Summit Materials by 2.2% in the 1st 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Summit Materials by 0.3% in the first 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 buying an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Summit Materials by 6.6% in 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 during the last quarter. Principal Financial Group Inc. raised its stake in Summit Materials by 1.2% during the first quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock worth $237,294,000 after acquiring an additional 64,128 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after acquiring an additional 241,757 shares during the last quarter.

Summit Materials Trading Down 1.3 %

Shares of Summit Materials stock opened at $38.71 on Monday. The stock has a market cap of $6.80 billion, a P/E ratio of 17.28 and a beta of 1.18. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. Summit Materials has a 12-month low of $30.38 and a 12-month high of $44.89. The business’s 50 day moving average is $38.70 and its 200-day moving average is $39.19.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the business earned $0.71 EPS. Summit Materials’s revenue for the quarter was up 58.1% compared to the same quarter last year. Equities research analysts predict that Summit Materials will post 1.67 earnings per share for the current fiscal year.

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.