Longbow Research Reiterates Neutral Rating for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating restated by Longbow Research in a research report issued on Tuesday,Benzinga reports.

A number of other equities research analysts have also weighed in on the company. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday. Morgan Stanley initiated coverage on Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. DA Davidson lifted their price objective on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Jefferies Financial Group cut their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research note on Monday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $50.81.

Summit Materials Price Performance

SUM opened at $51.09 on Tuesday. The stock’s 50 day simple moving average is $43.76 and its 200 day simple moving average is $40.19. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. The firm has a market cap of $8.97 billion, a price-to-earnings ratio of 62.30 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. As a group, analysts predict that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SUM. River Road Asset Management LLC raised its stake in Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after buying an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after buying an additional 448,922 shares during the last quarter. Millennium Management LLC raised its stake 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 valued at $100,817,000 after buying an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after buying an additional 313,957 shares during the last quarter. Finally, Troluce Capital Advisors LLC purchased a new position in Summit Materials during the second quarter valued at $10,983,000.

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.