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

Summit Materials (NYSE:SUM) had its price target lifted by Truist Financial from $46.00 to $50.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

SUM has been the subject of several other research reports. Royal Bank of Canada restated a sector perform rating and set a $38.00 price target on shares of Summit Materials in a research note on Tuesday, February 13th. Stephens reiterated an overweight rating and issued a $45.00 price objective on shares of Summit Materials in a research note on Tuesday, February 13th. Finally, JPMorgan Chase & Co. assumed coverage on Summit Materials in a research report on Friday, February 23rd. They set an overweight rating and a $47.00 price target on the stock. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $45.09.

Summit Materials Stock Up 1.0 %

Summit Materials stock traded up $0.42 during midday trading on Friday, hitting $41.24. 1,117,566 shares of the stock were exchanged, compared to its average volume of 1,047,292. The business’s 50-day moving average price is $39.12 and its 200-day moving average price is $36.11. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of 17.33 and a beta of 1.32. Summit Materials has a 52-week low of $25.43 and a 52-week high of $44.42. The company has a quick ratio of 4.62, a current ratio of 5.36 and a debt-to-equity ratio of 0.99.

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

Institutional Trading of Summit Materials

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Summit Materials by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock valued at $460,688,000 after acquiring an additional 53,079 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Summit Materials in the 4th quarter valued at about $1,434,000. Townsquare Capital LLC raised its stake in Summit Materials by 5.4% in the fourth quarter. Townsquare Capital LLC now owns 53,562 shares of the construction company’s stock valued at $2,060,000 after purchasing an additional 2,743 shares in the last quarter. Legal & General Group Plc raised its stake in Summit Materials by 4.6% in the fourth quarter. Legal & General Group Plc now owns 114,980 shares of the construction company’s stock valued at $4,422,000 after purchasing an additional 5,011 shares in the last quarter. Finally, Barclays PLC raised its stake in Summit Materials by 170.4% in the fourth quarter. Barclays PLC now owns 274,265 shares of the construction company’s stock valued at $10,549,000 after purchasing an additional 172,825 shares in 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.