Summit Materials’ (SUM) Peer Perform Rating Reaffirmed at Wolfe Research

Summit Materials (NYSE:SUM)‘s stock had its “peer perform” rating reiterated by Wolfe Research in a research note issued on Tuesday,Benzinga reports.

A number of other research analysts have also recently issued reports on the stock. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Loop Capital reissued a “hold” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Tuesday. Morgan Stanley began coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Truist Financial reissued a “hold” rating and issued a $52.50 target price (down from $60.00) on shares of Summit Materials in a research note on Tuesday. Finally, Jefferies Financial Group dropped their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Trading Up 0.1 %

SUM stock traded up $0.06 during midday trading on Tuesday, reaching $50.81. The company’s stock had a trading volume of 9,390,673 shares, compared to its average volume of 1,272,419. The business’s 50-day simple moving average is $43.29 and its 200-day simple moving average is $40.04. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49. The stock has a market cap of $8.92 billion, a PE ratio of 61.96 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The firm’s revenue was up 49.9% on a year-over-year basis. As a group, sell-side analysts expect that Summit Materials will post 1.64 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SUM. V Square Quantitative Management LLC acquired a new position in shares of Summit Materials during the 3rd quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Summit Materials during the third quarter valued at approximately $28,000. Toth Financial Advisory Corp grew its stake in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Summit Materials during the 2nd quarter worth approximately $40,000.

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.