The Goldman Sachs Group Boosts Summit Materials (NYSE:SUM) Price Target to $28.00

Summit Materials (NYSE:SUMGet Rating) had its price objective hoisted by The Goldman Sachs Group from $25.00 to $28.00 in a research note issued to investors on Monday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the construction company’s stock.

SUM has been the topic of a number of other reports. DA Davidson dropped their price target on Summit Materials from $33.00 to $31.00 in a research note on Wednesday, October 12th. Truist Financial assumed coverage on Summit Materials in a research note on Friday, January 13th. They issued a buy rating and a $40.00 price target on the stock. Morgan Stanley raised their price target on Summit Materials from $30.00 to $32.00 and gave the stock an equal weight rating in a research note on Friday. JPMorgan Chase & Co. dropped their price target on Summit Materials from $37.00 to $34.00 in a research note on Thursday, December 8th. Finally, Jefferies Financial Group dropped their price target on Summit Materials from $38.00 to $36.00 and set a buy rating on the stock in a research note on Monday, October 3rd. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Summit Materials currently has a consensus rating of Moderate Buy and a consensus price target of $34.10.

Summit Materials Stock Up 0.7 %

Summit Materials stock opened at $31.66 on Monday. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 13.36 and a beta of 1.36. The stock has a fifty day simple moving average of $30.03 and a two-hundred day simple moving average of $28.10. Summit Materials has a 12 month low of $21.99 and a 12 month high of $36.44. The company has a current ratio of 3.39, a quick ratio of 2.76 and a debt-to-equity ratio of 0.76.

Summit Materials (NYSE:SUMGet Rating) last posted its earnings results on Wednesday, November 2nd. The construction company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.06). The business had revenue of $686.01 million during the quarter, compared to the consensus estimate of $656.77 million. Summit Materials had a return on equity of 7.48% and a net margin of 11.65%. Equities analysts predict that Summit Materials will post 1.17 EPS for the current fiscal year.

Summit Materials Dividend Announcement

The firm also recently disclosed a — dividend, which was paid on Thursday, December 29th. Stockholders of record on Thursday, December 15th were given a $1.70 dividend. The ex-dividend date was Wednesday, December 14th.

Hedge Funds Weigh In On Summit Materials

Large investors have recently made changes to their positions in the business. John G Ullman & Associates Inc. lifted its position in shares of Summit Materials by 589.6% in the second quarter. John G Ullman & Associates Inc. now owns 142,750 shares of the construction company’s stock valued at $3,325,000 after acquiring an additional 122,050 shares in the last quarter. Assetmark Inc. lifted its position in shares of Summit Materials by 271.0% in the second quarter. Assetmark Inc. now owns 1,443 shares of the construction company’s stock valued at $34,000 after acquiring an additional 1,054 shares in the last quarter. Ellevest Inc. lifted its position in shares of Summit Materials by 81.7% in the second quarter. Ellevest Inc. now owns 1,214 shares of the construction company’s stock valued at $28,000 after acquiring an additional 546 shares in the last quarter. River Road Asset Management LLC bought a new stake in shares of Summit Materials in the second quarter worth about $16,566,000. Finally, Paradigm Capital Management Inc. NY increased its holdings in shares of Summit Materials by 28.6% in the second quarter. Paradigm Capital Management Inc. NY now owns 738,200 shares of the construction company’s stock worth $17,192,000 after purchasing an additional 164,000 shares during the last quarter.

About Summit Materials

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Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, and residential and nonresidential end markets. It operates through three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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