Analysts Set Summit Materials, Inc. (NYSE:SUM) PT at $46.92

Shares of Summit Materials, Inc. (NYSE:SUMGet Free Report) have been given an average recommendation of “Moderate Buy” by the twelve analysts that are currently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $46.92.

A number of analysts have weighed in on the company. Wolfe Research upgraded Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Wednesday, May 15th. JPMorgan Chase & Co. started coverage on Summit Materials in a research note on Friday, February 23rd. They issued an “overweight” rating and a $47.00 price target on the stock. Stephens lifted their price objective on shares of Summit Materials from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. Barclays increased their target price on shares of Summit Materials from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Finally, The Goldman Sachs Group raised their price target on shares of Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, March 14th.

Check Out Our Latest Stock Analysis on Summit Materials

Insider Activity

In related news, insider Jason Kilgore sold 50,589 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the completion of the sale, the insider now owns 60,630 shares in the company, valued at $2,437,932.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUM. Knights of Columbus Asset Advisors LLC increased its position in shares of Summit Materials by 94.6% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 192,349 shares of the construction company’s stock valued at $7,398,000 after acquiring an additional 93,487 shares during the last quarter. River Road Asset Management LLC increased its holdings in Summit Materials by 6.8% during the fourth quarter. River Road Asset Management LLC now owns 1,727,475 shares of the construction company’s stock worth $66,439,000 after buying an additional 109,985 shares during the last quarter. Harvey Capital Management Inc. bought a new stake in Summit Materials in the fourth quarter worth about $1,167,000. Charles Schwab Investment Management Inc. raised its position in Summit Materials by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,445,466 shares of the construction company’s stock worth $55,593,000 after acquiring an additional 28,515 shares during the period. Finally, Norges Bank purchased a new position in Summit Materials in the fourth quarter valued at about $49,437,000.

Summit Materials Price Performance

Summit Materials stock opened at $38.86 on Tuesday. The stock’s 50 day moving average is $40.68 and its 200 day moving average is $38.99. Summit Materials has a one year low of $29.98 and a one year high of $44.89. The firm has a market cap of $6.82 billion, a P/E ratio of 17.35 and a beta of 1.34. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.58 and a quick ratio of 1.93.

Summit Materials (NYSE:SUMGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The firm had revenue of $773.23 million for the quarter, compared to the consensus estimate of $803.98 million. During the same quarter in the previous year, the company earned ($0.26) EPS. The company’s revenue for the quarter was up 89.9% on a year-over-year basis. As a group, research analysts expect that Summit Materials will post 2.17 EPS for the current year.

Summit Materials Company Profile

(Get Free Report

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.

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Analyst Recommendations for Summit Materials (NYSE:SUM)

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