Summit Materials (NYSE:SUM) Upgraded to “Overweight” at Barclays

Barclays upgraded shares of Summit Materials (NYSE:SUM) from an equal weight rating to an overweight rating in a research note published on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has $52.00 price objective on the construction company’s stock, up from their prior price objective of $45.00.

A number of other research analysts have also commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. Truist Financial dropped their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley initiated coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada upgraded shares of Summit Materials from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $53.00 in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.42.

Summit Materials Trading Up 0.8 %

Shares of SUM stock opened at $46.01 on Tuesday. Summit Materials has a 1 year low of $31.67 and a 1 year high of $46.40. The firm has a market capitalization of $8.07 billion, a PE ratio of 20.54 and a beta of 1.17. The stock has a fifty day moving average of $39.20 and a two-hundred day moving average of $38.77. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.05. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company’s quarterly revenue was up 58.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.71 earnings per share. As a group, research analysts expect that Summit Materials will post 1.63 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

A number of large investors have recently made changes to their positions in SUM. Hood River Capital Management LLC purchased a new position in Summit Materials during the 1st quarter worth approximately $33,206,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after buying an additional 448,922 shares in the last quarter. Interval Partners LP acquired a new position in Summit Materials during the first quarter valued at $18,051,000. Millennium Management LLC raised its position in Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares during the period. Finally, Troluce Capital Advisors LLC purchased a new stake in Summit Materials in the 2nd quarter worth about $10,983,000.

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.