Summit Materials (NYSE:SUM) Earns Neutral Rating from Longbow Research

Longbow Research reaffirmed their neutral rating on shares of Summit Materials (NYSE:SUM) in a research report report published on Tuesday,Benzinga reports.

SUM has been the topic of several other reports. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Monday. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Truist Financial increased their target price on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Finally, DA Davidson raised their price objective on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Trading Up 0.2 %

Shares of Summit Materials stock opened at $50.85 on Tuesday. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The business’s fifty day moving average is $43.52 and its two-hundred day moving average is $40.11. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The firm has a market cap of $8.93 billion, a PE ratio of 62.01 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 earnings per share. Analysts anticipate that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

Hedge funds have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA grew its position in Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after acquiring an additional 429,062 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after purchasing an additional 94,694 shares during the period. Victory Capital Management Inc. grew its holdings in Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after purchasing an additional 241,757 shares in the last quarter. River Road Asset Management LLC increased 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. Finally, Geode Capital Management LLC lifted its holdings in Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying an additional 9,566 shares in the last quarter.

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.