Summit Materials (NYSE:SUM) Sets New 12-Month High After Analyst Upgrade

Summit Materials, Inc. (NYSE:SUM)’s share price reached a new 52-week high on Wednesday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $51.68 and last traded at $51.47, with a volume of 4305 shares. The stock had previously closed at $47.42.

SUM has been the topic of a number of other reports. JPMorgan Chase & Co. cut their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. DA Davidson raised their price target on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday. Royal Bank of Canada boosted their price objective on shares of Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Jefferies Financial Group dropped their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Finally, Loop Capital lifted their target price on shares of Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.38.

Institutional Trading of Summit Materials

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after purchasing an additional 262,179 shares in the last quarter. Ausbil Investment Management Ltd grew its holdings in shares of Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after buying an additional 18,706 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Summit Materials by 20.7% during the first quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock valued at $20,331,000 after buying an additional 78,111 shares during the last quarter. Comerica Bank increased its position in shares of Summit Materials by 215.3% during the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after acquiring an additional 62,173 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Summit Materials by 89.5% in the 1st quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock worth $3,995,000 after acquiring an additional 42,344 shares during the last quarter.

Summit Materials Price Performance

The firm has a 50-day moving average of $40.19 and a 200-day moving average of $39.14. 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 has a market capitalization of $8.74 billion, a P/E ratio of 60.78 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the firm posted $0.81 earnings per share. Summit Materials’s revenue was up 49.9% compared to the same quarter last year. As a group, analysts predict that Summit Materials, Inc. will post 1.6 EPS for the current 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.