Summit Materials (NYSE:SUM) Given “Neutral” Rating at Citigroup

Citigroup reaffirmed their neutral rating on shares of Summit Materials (NYSE:SUM) in a research report sent to investors on Tuesday,Benzinga reports. Citigroup currently has a $52.50 price target on the construction company’s stock, down from their prior price target of $55.00.

Other analysts also recently issued reports about the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Monday. Truist Financial increased their price target on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st. StockNews.com downgraded shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Finally, Jefferies Financial Group dropped their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $50.81.

Summit Materials Stock Performance

Shares of SUM stock opened at $50.85 on Tuesday. Summit Materials has a 12 month low of $34.38 and a 12 month high of $53.49. The firm has a market capitalization of $8.93 billion, a PE ratio of 62.01 and a beta of 1.14. The firm has a fifty day simple moving average of $43.52 and a two-hundred day simple moving average of $40.11. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 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 posted $0.81 earnings per share. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. Analysts forecast that Summit Materials will post 1.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Synovus Financial Corp raised its holdings in shares of Summit Materials by 13.6% in the 3rd quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock worth $1,102,000 after purchasing an additional 3,390 shares during the period. Tidal Investments LLC increased its position in Summit Materials by 32.0% in the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock worth $534,000 after buying an additional 3,321 shares during the last quarter. World Investment Advisors LLC bought a new stake in shares of Summit Materials in the third quarter valued at $457,000. Sanctuary Advisors LLC lifted its position in shares of Summit Materials by 50.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock valued at $991,000 after buying an additional 8,559 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Summit Materials by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after acquiring an additional 9,566 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.