Summit Materials, Inc. (NYSE:SUM – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $47.40.
SUM has been the subject of a number of recent research reports. Citigroup upped their price target on Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Morgan Stanley started coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus lowered their target price on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd.
Read Our Latest Report on Summit Materials
Summit Materials Price Performance
Summit Materials (NYSE:SUM – Get Free Report) last released its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company’s revenue for the quarter was up 58.1% on a year-over-year basis. During the same quarter last year, the business posted $0.71 EPS. As a group, equities research analysts predict that Summit Materials will post 1.67 earnings per share for the current fiscal year.
Institutional Trading of Summit Materials
A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC lifted its holdings in Summit Materials by 386.3% during the 3rd quarter. SG Americas Securities LLC now owns 14,229 shares of the construction company’s stock valued at $555,000 after purchasing an additional 11,303 shares during the last quarter. American Trust raised its position in shares of Summit Materials by 18.5% in the second quarter. American Trust now owns 8,329 shares of the construction company’s stock valued at $305,000 after purchasing an additional 1,303 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of Summit Materials during the 2nd quarter worth about $674,000. Truist Financial Corp bought a new stake in shares of Summit Materials during the 2nd quarter worth about $314,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Summit Materials by 16.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,717 shares of the construction company’s stock valued at $173,000 after buying an additional 680 shares during 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.
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