Summit Materials (NYSE:SUM) PT Raised to $46.00

Summit Materials (NYSE:SUM) had its price objective hoisted by equities researchers at Royal Bank of Canada from $44.00 to $46.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the construction company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 16.57% from the stock’s current price.

Several other equities research analysts also recently issued reports on SUM. JPMorgan Chase & Co. assumed coverage on shares of Summit Materials in a research report on Friday, February 23rd. They set an “overweight” rating and a $47.00 price objective for the company. Barclays boosted their price target on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Citigroup increased their price objective on Summit Materials from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. The Goldman Sachs Group boosted their target price on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, March 14th. Finally, Truist Financial raised their price target on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $46.73.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $39.46 on Friday. Summit Materials has a 12 month low of $28.57 and a 12 month high of $44.89. The stock has a 50 day moving average of $41.66 and a 200-day moving average of $38.12. The company has a current ratio of 5.36, a quick ratio of 4.62 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $6.88 billion, a P/E ratio of 17.62 and a beta of 1.34.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.11. The firm had revenue of $773.23 million for the quarter, compared to the consensus estimate of $803.98 million. Summit Materials had a net margin of 8.36% and a return on equity of 8.96%. The company’s quarterly revenue was up 89.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.26) earnings per share. As a group, equities research analysts predict that Summit Materials will post 2.21 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Several hedge funds have recently modified their holdings of the company. Swisher Financial Concepts Inc. raised its position in Summit Materials by 5.3% in the first quarter. Swisher Financial Concepts Inc. now owns 6,232 shares of the construction company’s stock valued at $259,000 after purchasing an additional 311 shares during the last quarter. Signaturefd LLC raised its holdings in Summit Materials by 110.3% in the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after buying an additional 343 shares during the last quarter. Janney Capital Management LLC raised its holdings in Summit Materials by 2.7% in the 3rd quarter. Janney Capital Management LLC now owns 13,160 shares of the construction company’s stock valued at $410,000 after buying an additional 350 shares during the last quarter. Quadrant Capital Group LLC boosted its position in Summit Materials by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after buying an additional 382 shares during the period. Finally, Parallel Advisors LLC grew its holdings in Summit Materials by 113.7% during the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after acquiring an additional 399 shares during the last quarter.

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.