Analysts Set Summit Materials, Inc. (NYSE:SUM) Target Price at $50.38

Summit Materials, Inc. (NYSE:SUM) has earned an average recommendation of “Moderate Buy” from the thirteen brokerages that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $50.38.

SUM has been the subject of several recent analyst reports. Morgan Stanley assumed coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. 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 note on Wednesday, October 9th. Truist Financial increased their price target on shares of Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. StockNews.com downgraded shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Royal Bank of Canada increased their price objective on Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st.

Summit Materials Stock Performance

Shares of SUM opened at $51.66 on Tuesday. Summit Materials has a 1 year low of $34.37 and a 1 year high of $53.49. The stock has a market capitalization of $9.07 billion, a PE ratio of 63.00 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock has a 50-day simple moving average of $43.04 and a 200-day simple moving average of $39.97.

Summit Materials (NYSE:SUM) last announced 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. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 EPS. On average, analysts predict that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hood River Capital Management LLC acquired a new position in Summit Materials in the 1st quarter valued at $33,206,000. River Road Asset Management LLC lifted its holdings in shares of Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Interval Partners LP purchased a new stake in Summit Materials in the first quarter valued at approximately $18,051,000. Finally, Millennium Management LLC increased its position in Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after purchasing an additional 399,072 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.