Summit Materials (NYSE:SUM) Price Target Increased to $45.00 by Analysts at Barclays

Summit Materials (NYSE:SUM) had its price target boosted by Barclays from $40.00 to $45.00 in a research note released on Thursday, Benzinga reports. Barclays currently has an equal weight rating on the construction company’s stock.

Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada lifted their target price on shares of Summit Materials from $39.00 to $44.00 and gave the company a sector perform rating in a research report on Thursday. Stephens reiterated an overweight rating and set a $45.00 target price on shares of Summit Materials in a research report on Tuesday, February 13th. JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a research report on Friday, February 23rd. They set an overweight rating and a $47.00 target price for the company. Finally, Truist Financial boosted their price objective on shares of Summit Materials from $46.00 to $50.00 and gave the stock a buy rating in a report on Friday. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials presently has an average rating of Moderate Buy and an average price target of $45.09.

Summit Materials Stock Performance

NYSE SUM traded up $0.42 during trading hours on Thursday, reaching $41.24. 1,117,566 shares of the company were exchanged, compared to its average volume of 1,047,292. Summit Materials has a 1 year low of $25.43 and a 1 year high of $44.42. The business’s 50 day simple moving average is $39.12 and its 200-day simple moving average is $36.11. 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 stock has a market capitalization of $7.19 billion, a P/E ratio of 17.33 and a beta of 1.32.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. The business had revenue of $613.13 million during the quarter, compared to the consensus estimate of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.32 earnings per share. On average, equities research analysts expect that Summit Materials will post 2.42 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC grew its holdings in Summit Materials by 110.3% during 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 in the last quarter. Parallel Advisors LLC grew its holdings in shares of Summit Materials by 113.7% in 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. Benjamin Edwards Inc. grew its holdings in shares of Summit Materials by 81.3% in the second quarter. Benjamin Edwards Inc. now owns 939 shares of the construction company’s stock valued at $36,000 after purchasing an additional 421 shares in the last quarter. Pinebridge Investments L.P. grew its holdings in shares of Summit Materials by 37.0% in the second quarter. Pinebridge Investments L.P. now owns 1,015 shares of the construction company’s stock valued at $38,000 after purchasing an additional 274 shares in the last quarter. Finally, BluePath Capital Management LLC purchased a new position in shares of Summit Materials in the third quarter valued at $32,000.

Summit Materials Company Profile

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.