Summit Materials (NYSE:SUM) Price Target Raised to $44.00

Summit Materials (NYSE:SUM) had its price target boosted by Royal Bank of Canada from $39.00 to $44.00 in a research note released on Thursday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the construction company’s stock.

Other equities research analysts have also issued reports about the company. JPMorgan Chase & Co. initiated coverage on Summit Materials in a research report on Friday, February 23rd. They issued an overweight rating and a $47.00 price target for the company. Truist Financial upped their price target on Summit Materials from $46.00 to $50.00 and gave the company a buy rating in a research report on Friday. Finally, Stephens restated an overweight rating and issued a $45.00 price target on shares of Summit Materials in a research report on Tuesday, February 13th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $45.09.

Summit Materials Stock Performance

SUM stock traded up $0.42 during midday trading on Thursday, hitting $41.24. 1,117,566 shares of the stock traded hands, compared to its average volume of 1,047,292. The firm has a market cap of $7.19 billion, a P/E ratio of 17.33 and a beta of 1.32. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. The stock’s fifty day simple moving average is $39.12 and its 200-day simple moving average is $36.11. Summit Materials has a 1-year low of $25.43 and a 1-year high of $44.42.

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

Institutional Investors Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Pinebridge Investments L.P. lifted its position in shares of Summit Materials by 37.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 1,015 shares of the construction company’s stock valued at $38,000 after acquiring an additional 274 shares during the period. Signaturefd LLC lifted its position in shares of 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 acquiring an additional 343 shares during the period. Janney Capital Management LLC lifted its position in shares of Summit Materials by 2.7% during the 3rd quarter. Janney Capital Management LLC now owns 13,160 shares of the construction company’s stock valued at $410,000 after acquiring an additional 350 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Summit Materials by 1.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 22,577 shares of the construction company’s stock valued at $641,000 after acquiring an additional 377 shares during the period. Finally, Quadrant Capital Group LLC raised its position in shares of Summit Materials by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after purchasing an additional 382 shares during the last quarter.

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.