Summit Materials (NYSE:SUM) PT Lowered to $56.00

Summit Materials (NYSE:SUM) had its price target dropped by Jefferies Financial Group from $58.00 to $56.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 47.60% from the stock’s current price.

Several other research firms have also issued reports on SUM. Stephens reaffirmed an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Morgan Stanley began coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price for the company. JPMorgan Chase & Co. lowered their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Truist Financial decreased their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Summit Materials has an average rating of “Moderate Buy” and a consensus target price of $47.73.

Summit Materials Stock Up 3.0 %

NYSE:SUM traded up $1.11 during trading hours on Wednesday, reaching $37.94. 1,287,961 shares of the stock were exchanged, compared to its average volume of 967,439. The stock has a market cap of $6.66 billion, a PE ratio of 16.94 and a beta of 1.17. Summit Materials has a twelve month low of $30.83 and a twelve month high of $44.89. The firm has a 50 day moving average of $38.42 and a 200 day moving average of $38.93. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. Summit Materials’s revenue was up 58.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.71 earnings per share. On average, equities analysts expect that Summit Materials will post 1.67 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors and hedge funds have recently modified their holdings of SUM. Norden Group LLC grew its position in Summit Materials by 1,038.9% during the first quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock worth $5,427,000 after buying an additional 111,069 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after purchasing an additional 262,179 shares during the period. Congress Asset Management Co. MA increased its position in shares of Summit Materials by 9.2% in the first quarter. Congress Asset Management Co. MA now owns 427,672 shares of the construction company’s stock worth $19,061,000 after purchasing an additional 36,004 shares during the period. Cobalt Capital Management Inc. acquired a new position in Summit Materials in the fourth quarter valued at about $1,538,000. Finally, Nomura Holdings Inc. lifted its position in Summit Materials by 81.4% during the fourth quarter. Nomura Holdings Inc. now owns 49,782 shares of the construction company’s stock worth $1,915,000 after purchasing an additional 22,341 shares during the period.

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.