Summit Materials (NYSE:SUM) Stock Rating Upgraded by StockNews.com

Summit Materials (NYSE:SUM) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

Several other research firms also recently issued reports on SUM. Loop Capital boosted their price objective on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Royal Bank of Canada boosted their price objective on shares of Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Citigroup decreased their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, Truist Financial upped their target price on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.38.

Summit Materials Stock Performance

Shares of SUM stock opened at $50.99 on Tuesday. Summit Materials has a one year low of $33.04 and a one year high of $51.74. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company has a 50 day moving average price of $40.19 and a 200 day moving average price of $39.14. The firm has a market capitalization of $8.95 billion, a price-to-earnings ratio of 62.18 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. Sell-side analysts anticipate that Summit Materials will post 1.6 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SUM. Norden Group LLC boosted its stake in Summit Materials by 41.8% during the 1st quarter. Norden Group LLC now owns 15,158 shares of the construction company’s stock valued at $676,000 after acquiring an additional 4,467 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Summit Materials by 89.5% during the first quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock worth $3,995,000 after purchasing an additional 42,344 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Summit Materials by 39.0% during the first quarter. Janney Montgomery Scott LLC now owns 18,839 shares of the construction company’s stock worth $840,000 after purchasing an additional 5,286 shares during the period. Capstone Investment Advisors LLC acquired a new stake in shares of Summit Materials during the first quarter worth $256,000. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Summit Materials during the first quarter worth $302,000.

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.