Summit Materials (NYSE:SUM) Earns Hold Rating from Loop Capital

Summit Materials (NYSE:SUM)‘s stock had its “hold” rating restated by analysts at Loop Capital in a note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $52.50 price objective on the construction company’s stock, down from their prior price objective of $54.00. Loop Capital’s price target points to a potential upside of 2.76% from the stock’s previous close.

Several other brokerages also recently commented on SUM. Truist Financial boosted their price objective on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Citigroup reissued a “neutral” rating and issued a $52.50 price target (down from $55.00) on shares of Summit Materials in a report on Tuesday. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a report on Monday. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a research note on Monday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $50.81.

Summit Materials Trading Up 0.5 %

Shares of NYSE:SUM opened at $51.09 on Tuesday. The stock has a 50 day moving average of $43.76 and a 200 day moving average of $40.19. The company has a market cap of $8.97 billion, a PE ratio of 62.30 and a beta of 1.14. Summit Materials has a 12-month low of $34.38 and a 12-month high of $53.49. 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 quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. As a group, equities research analysts expect that Summit Materials will post 1.64 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new position in shares of Summit Materials during the 3rd quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials during the third quarter worth $28,000. Toth Financial Advisory Corp increased its position in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares during the period. Finally, Quest Partners LLC bought a new stake in shares of Summit Materials in the 2nd quarter worth about $40,000.

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.