Summit Materials (NYSE:SUM) Price Target Raised to $50.00

Summit Materials (NYSE:SUM) had its price objective lifted by Stephens from $47.00 to $50.00 in a report released on Friday, Benzinga reports. They currently have an overweight rating on the construction company’s stock.

A number of other brokerages also recently weighed in on SUM. The Goldman Sachs Group lifted their target price on Summit Materials from $43.00 to $49.00 and gave the stock a neutral rating in a report on Thursday, March 14th. Barclays boosted their target price on shares of Summit Materials from $40.00 to $45.00 and gave the company an equal weight rating in a research report on Thursday, March 14th. 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 report on Tuesday, April 2nd. Royal Bank of Canada lifted their price target on shares of Summit Materials from $44.00 to $46.00 and gave the company a sector perform rating in a research note on Friday. Finally, Citigroup increased their price objective on shares of Summit Materials from $46.00 to $51.00 and gave the stock a buy rating in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $46.73.

Summit Materials Trading Up 0.9 %

NYSE:SUM opened at $39.46 on Friday. Summit Materials has a 52 week low of $28.57 and a 52 week high of $44.89. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58. The firm’s fifty day moving average is $41.66 and its 200-day moving average is $38.16. The firm has a market cap of $6.88 billion, a P/E ratio of 17.62 and a beta of 1.34.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, beating 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 business had revenue of $773.23 million for the quarter, compared to analysts’ expectations of $803.98 million. During the same quarter in the prior year, the firm posted ($0.26) earnings per share. The business’s quarterly revenue was up 89.9% compared to the same quarter last year. Equities analysts expect that Summit Materials will post 2.21 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Signaturefd LLC raised its position 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. Parallel Advisors LLC lifted its position in shares of Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after purchasing an additional 399 shares in the last quarter. BluePath Capital Management LLC bought a new position in shares of Summit Materials during the third quarter valued at about $32,000. Register Financial Advisors LLC purchased a new position in Summit Materials during the first quarter worth about $45,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Summit Materials in the 3rd quarter worth about $54,000.

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.