Summit Materials, Inc. (NYSE:SUM) Receives $46.09 Average Price Target from Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $46.73.

Several equities research analysts have weighed in on the company. Truist Financial increased their price target on Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Citigroup lifted their price target on Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, April 5th. JPMorgan Chase & Co. assumed coverage on Summit Materials in a research report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 price objective on the stock. Royal Bank of Canada lifted their target price on shares of Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a report on Friday. Finally, 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 note on Thursday, March 14th.

Summit Materials Stock Up 0.9 %

Shares of Summit Materials stock opened at $39.46 on Friday. The company has a market cap of $6.88 billion, a P/E ratio of 17.62 and a beta of 1.34. 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 firm’s 50 day moving average price is $41.66 and its 200-day moving average price is $38.16.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data 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 net margin of 8.36% and a return on equity of 8.96%. The business had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. The business’s revenue for the quarter was up 89.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.26) earnings per share. On average, sell-side analysts predict that Summit Materials will post 2.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Hedge funds and other institutional investors have recently bought and sold shares of the company. Knights of Columbus Asset Advisors LLC boosted its position in shares of Summit Materials by 94.6% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 192,349 shares of the construction company’s stock worth $7,398,000 after purchasing an additional 93,487 shares in the last quarter. River Road Asset Management LLC boosted 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 in the last quarter. Harvey Capital Management Inc. acquired a new position in Summit Materials during the fourth quarter worth about $1,167,000. Vanguard Group Inc. increased its holdings in Summit Materials by 1.2% in the third quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company’s stock valued at $371,353,000 after buying an additional 136,921 shares in the last quarter. Finally, Wolverine Asset Management LLC acquired a new stake in shares of Summit Materials during the 4th quarter valued at approximately $769,000.

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.