Summit Materials (NYSE:SUM) Rating Increased to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Summit Materials (NYSE:SUM) from a sector perform rating to an outperform rating in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage currently has $53.00 price target on the construction company’s stock, up from their previous price target of $45.00.

A number of other equities research analysts have also recently commented on SUM. Stifel Nicolaus dropped their price target 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. Jefferies Financial Group dropped their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. DA Davidson restated a “neutral” rating and issued a $41.00 target price on shares of Summit Materials in a report on Tuesday, October 15th. 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. Finally, JPMorgan Chase & Co. cut their price objective on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.83.

Summit Materials Price Performance

Summit Materials stock opened at $45.10 on Friday. The firm has a market capitalization of $7.91 billion, a PE ratio of 20.13 and a beta of 1.17. Summit Materials has a 52 week low of $30.83 and a 52 week high of $46.20. The firm’s 50-day simple moving average is $38.93 and its 200 day simple moving average is $38.71. 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 (NYSE:SUM) last announced its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm earned $0.71 earnings per share. The company’s revenue for the quarter was up 58.1% compared to the same quarter last year. On average, equities research analysts predict that Summit Materials will post 1.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new position in shares of Summit Materials in the 3rd quarter worth $27,000. Toth Financial Advisory Corp raised its holdings in shares of Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Summit Materials by 3,804.2% in the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Summit Materials in the 2nd quarter valued at about $40,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Summit Materials during the 1st quarter worth about $45,000.

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.