Brokerages Set Summit Materials, Inc. (NYSE:SUM) Price Target at $50.81

Summit Materials, Inc. (NYSE:SUM) has been assigned a consensus recommendation of “Hold” from the fourteen brokerages that are currently covering the firm, Marketbeat reports. Ten research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $50.54.

Several equities research analysts recently issued reports on SUM shares. Jefferies Financial Group downgraded shares of Summit Materials from a “buy” rating to a “hold” rating and cut their target price for the company from $58.00 to $52.50 in a research note on Monday. Loop Capital reiterated a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial reissued a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Morgan Stanley began coverage on shares of Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock.

Summit Materials Stock Performance

SUM opened at $50.74 on Friday. The business’s 50-day simple moving average is $47.01 and its 200 day simple moving average is $41.20. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49. 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 firm has a market capitalization of $8.91 billion, a PE ratio of 61.88 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the firm posted $0.81 EPS. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. As a group, sell-side analysts expect that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new position in shares of Summit Materials in the 3rd quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Summit Materials in the third quarter valued at about $28,000. Toth Financial Advisory Corp raised its stake in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after acquiring an additional 913 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Summit Materials in the 2nd quarter valued at approximately $40,000.

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.