Summit Materials (NYSE:SUM) PT Lowered to $43.00

Summit Materials (NYSE:SUM) had its price target decreased by research analysts at JPMorgan Chase & Co. from $47.00 to $43.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 13.34% from the company’s current price.

Several other equities analysts also recently commented on SUM. Truist Financial decreased their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Stifel Nicolaus reduced their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a research report on Wednesday, August 7th. Citigroup dropped their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.90.

Summit Materials Stock Up 3.0 %

Shares of Summit Materials stock traded up $1.11 during trading hours on Wednesday, reaching $37.94. 1,256,562 shares of the company’s stock were exchanged, compared to its average volume of 967,278. The company has a 50 day moving average of $38.42 and a two-hundred day moving average of $38.93. Summit Materials has a fifty-two week low of $30.83 and a fifty-two week high of $44.89. 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 market cap of $6.66 billion, a P/E ratio of 16.94 and a beta of 1.17.

Summit Materials (NYSE:SUM) last issued its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company posted $0.71 EPS. The firm’s revenue for the quarter was up 58.1% compared to the same quarter last year. On average, sell-side analysts forecast that Summit Materials will post 1.67 EPS for the current fiscal year.

Institutional Trading of Summit Materials

A number of large investors have recently modified their holdings of SUM. Quest Partners LLC bought a new stake in Summit Materials during the second quarter worth about $40,000. Register Financial Advisors LLC bought a new position in Summit Materials during the first quarter valued at approximately $45,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Summit Materials during the first quarter worth approximately $102,000. Fidelis Capital Partners LLC bought a new stake in shares of Summit Materials in the 1st quarter worth approximately $143,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Summit Materials in the 2nd quarter valued at $154,000.

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.