Summit Materials, Inc. (NYSE:SUM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $47.17.

A number of research analysts recently issued reports on the company. Stephens restated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Stifel Nicolaus decreased their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Morgan Stanley assumed coverage on Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Citigroup lowered their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 target price on shares of Summit Materials in a research note on Wednesday, August 7th.

Summit Materials Trading Up 6.5 %

NYSE:SUM opened at $43.28 on Friday. The stock’s 50 day moving average price is $38.73 and its 200 day moving average price is $38.70. The company has a market capitalization of $7.59 billion, a PE ratio of 19.32 and a beta of 1.17. 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 52-week low of $30.83 and a 52-week high of $46.03.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm’s quarterly revenue was up 58.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.71 EPS. On average, research analysts anticipate that Summit Materials will post 1.63 EPS for the current year.

Institutional Trading of Summit Materials

A number of institutional investors have recently modified their holdings of SUM. Vanguard Group Inc. boosted its stake in shares of Summit Materials by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock valued at $460,688,000 after buying an additional 53,079 shares in the last quarter. Register Financial Advisors LLC purchased a new stake in shares of Summit Materials in the first quarter valued at approximately $45,000. Norden Group LLC boosted 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 purchasing an additional 111,069 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in Summit Materials by 22.1% during the first quarter. Commonwealth Equity Services LLC now owns 45,935 shares of the construction company’s stock worth $2,047,000 after purchasing an additional 8,313 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in Summit Materials during the first quarter worth $404,000.

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.