Summit Materials’ (SUM) Hold Rating Reaffirmed at Truist Financial

Truist Financial reiterated their hold rating on shares of Summit Materials (NYSE:SUM) in a report published on Tuesday morning, MarketBeat reports. Truist Financial currently has a $52.50 target price on the construction company’s stock, down from their prior target price of $60.00.

Other research analysts have also issued reports about the company. StockNews.com lowered Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Citigroup reaffirmed a “neutral” rating and issued a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research note on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Monday. Finally, DA Davidson raised their price target on shares of 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Stock Performance

Summit Materials stock opened at $51.09 on Tuesday. The business has a 50 day moving average of $43.98 and a 200-day moving average of $40.26. 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 has a 1 year low of $34.38 and a 1 year high of $53.49. The company has a market capitalization of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 EPS. On average, equities research analysts predict that Summit Materials will post 1.64 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Institutional investors have recently made changes to their positions in the stock. Silvercrest Asset Management Group LLC increased its position in Summit Materials by 38.9% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 147,375 shares of the construction company’s stock valued at $6,569,000 after buying an additional 41,281 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in Summit Materials in the first quarter valued at approximately $726,000. Comerica Bank increased its holdings 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. American Trust raised its position in shares of Summit Materials by 8.6% during the first quarter. American Trust now owns 7,026 shares of the construction company’s stock worth $313,000 after purchasing an additional 557 shares during the period. Finally, First Hawaiian Bank lifted its holdings in shares of Summit Materials by 4.8% in the 2nd quarter. First Hawaiian Bank now owns 16,815 shares of the construction company’s stock worth $616,000 after purchasing an additional 768 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.