Summit Materials, Inc. (NYSE:SUM) Receives Average Rating of “Moderate Buy” from Analysts

Summit Materials, Inc. (NYSE:SUM) has been assigned an average recommendation of “Moderate Buy” from the thirteen analysts that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $50.38.

Several equities analysts have weighed in on SUM shares. Jefferies Financial Group cut their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Morgan Stanley assumed coverage on Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Loop Capital raised their price objective on Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Citigroup lowered their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors and hedge funds have recently modified their holdings of SUM. Johnson Investment Counsel Inc. raised its position in Summit Materials by 5.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after purchasing an additional 327 shares in the last quarter. Assetmark Inc. raised its position in Summit Materials by 6.3% during the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after purchasing an additional 411 shares in the last quarter. Waycross Investment Management Co raised its position in Summit Materials by 1.0% during the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after purchasing an additional 412 shares in the last quarter. Xponance Inc. raised its position in Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after purchasing an additional 448 shares in the last quarter. Finally, InterOcean Capital Group LLC increased its holdings in shares of Summit Materials by 4.5% in the 1st quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock valued at $472,000 after acquiring an additional 455 shares during the period.

Summit Materials Stock Performance

NYSE SUM opened at $48.54 on Tuesday. The stock has a market capitalization of $8.52 billion, a PE ratio of 59.19 and a beta of 1.14. The business has a 50 day simple moving average of $41.74 and a two-hundred day simple moving average of $39.62. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials has a 1-year low of $33.73 and a 1-year high of $51.74.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. On average, research analysts predict that Summit Materials will post 1.64 EPS for the current fiscal year.

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.