Summit Materials (NYSE:SUM) PT Raised to $50.00 at Stephens

Summit Materials (NYSE:SUM) had its price objective increased by analysts at Stephens from $47.00 to $50.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. Stephens’ price target points to a potential upside of 26.71% from the company’s current price.

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

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $39.46 on Friday. The firm has a fifty day simple moving average of $41.66 and a two-hundred day simple moving average of $38.12. Summit Materials has a 52 week low of $28.57 and a 52 week high of $44.89. The company has a quick ratio of 4.62, a current ratio of 5.36 and a debt-to-equity ratio of 0.99. The stock 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 results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.11. Summit Materials had a return on equity of 8.96% and a net margin of 8.36%. The company had revenue of $773.23 million during the quarter, compared to analyst estimates of $803.98 million. During the same quarter last year, the business posted ($0.26) earnings per share. The firm’s revenue was up 89.9% on a year-over-year basis. On average, analysts expect that Summit Materials will post 2.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Summit Materials by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock valued at $460,688,000 after buying an additional 53,079 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Summit Materials by 20.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after purchasing an additional 1,137,500 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Summit Materials by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock worth $237,294,000 after purchasing an additional 64,128 shares during the period. FMR LLC boosted its stake in shares of Summit Materials by 22.6% during the third quarter. FMR LLC now owns 3,880,931 shares of the construction company’s stock valued at $120,852,000 after purchasing an additional 714,379 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of Summit Materials by 3.8% during the fourth quarter. Clearbridge Investments LLC now owns 3,177,677 shares of the construction company’s stock valued at $122,213,000 after purchasing an additional 116,540 shares in 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.