Summit Materials (NYSE:SUM) Given Neutral Rating at JPMorgan Chase & Co.

JPMorgan Chase & Co. reaffirmed their neutral rating on shares of Summit Materials (NYSE:SUM) in a report published on Monday,Benzinga reports. The firm currently has a $52.50 price objective on the construction company’s stock, up from their prior price objective of $43.00.

SUM has been the topic of a number of other reports. Truist Financial increased 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 decreased their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Jefferies Financial Group decreased their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday. Finally, 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 report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.00.

Summit Materials Stock Down 1.8 %

NYSE SUM opened at $50.75 on Monday. The firm has a market cap of $8.91 billion, a PE ratio of 61.89 and a beta of 1.14. Summit Materials has a one year low of $34.38 and a one year high of $53.49. The stock’s 50 day simple moving average is $43.29 and its 200 day simple moving average is $40.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. As a group, sell-side analysts forecast that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Trading of Summit Materials

Several hedge funds have recently added to or reduced their stakes in SUM. River Road Asset Management LLC raised its stake in Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after buying an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Summit Materials by 6.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after buying an additional 448,922 shares during the period. Millennium Management LLC raised its stake in Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after buying an additional 399,072 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after buying an additional 313,957 shares during the period. Finally, Troluce Capital Advisors LLC acquired a new stake in shares of Summit Materials in the 2nd quarter valued at about $10,983,000.

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.