Summit Materials’ (SUM) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Summit Materials (NYSE:SUM) in a research report sent to investors on Monday, Marketbeat reports. They currently have a $52.50 price objective on the construction company’s stock, down from their prior price objective of $54.00.

Several other analysts have also weighed in on SUM. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. Loop Capital lifted their price target on shares of Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Citigroup cut their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, Truist Financial lifted their price target on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Summit Materials has a consensus rating of “Hold” and an average target price of $50.81.

Summit Materials Price Performance

Shares of Summit Materials stock opened at $51.09 on Monday. 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 firm’s 50-day simple moving average is $43.76 and its 200-day simple moving average is $40.19. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49. The firm has a market cap of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its 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. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business earned $0.81 EPS. The firm’s revenue was up 49.9% on a year-over-year basis. As a group, research analysts expect that Summit Materials will post 1.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors and hedge funds have recently modified their holdings of the business. Johnson Investment Counsel Inc. raised its stake in shares of Summit Materials by 5.8% during the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after buying an additional 327 shares during the last quarter. Assetmark Inc. raised its stake in shares of Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after buying an additional 411 shares during the last quarter. Waycross Investment Management Co raised its stake in shares of Summit Materials by 1.0% during the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after buying an additional 412 shares during the last quarter. Xponance Inc. raised its stake in shares of Summit Materials by 6.2% during the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after buying an additional 448 shares during the last quarter. Finally, Toth Financial Advisory Corp raised its stake in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares during the last quarter.

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.