Stifel Nicolaus Cuts Summit Materials (NYSE:SUM) Price Target to $47.00

Summit Materials (NYSE:SUM) had its target price decreased by Stifel Nicolaus from $55.00 to $47.00 in a report released on Wednesday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the construction company’s stock.

Several other research firms have also recently issued reports on SUM. Stephens boosted their target price on shares of Summit Materials from $47.00 to $50.00 and gave the stock an overweight rating in a report on Friday, May 3rd. Royal Bank of Canada boosted their price target on shares of Summit Materials from $44.00 to $46.00 and gave the stock a sector perform rating in a research note on Friday, May 3rd. StockNews.com downgraded shares of Summit Materials from a hold rating to a sell rating in a report on Friday, May 3rd. The Goldman Sachs Group lifted their target price on Summit Materials from $43.00 to $49.00 and gave the stock a neutral rating in a report on Thursday, March 14th. Finally, Truist Financial increased their price target on Summit Materials from $50.00 to $53.00 and gave the company a buy rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Materials currently has an average rating of Moderate Buy and a consensus target price of $47.08.

Summit Materials Trading Up 1.5 %

Shares of SUM stock opened at $36.16 on Wednesday. The stock has a fifty day simple moving average of $38.41 and a two-hundred day simple moving average of $39.27. Summit Materials has a 52-week low of $29.98 and a 52-week high of $44.89. The firm has a market capitalization of $6.34 billion, a PE ratio of 16.14 and a beta of 1.15. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.11. The firm had revenue of $773.23 million during the quarter, compared to analysts’ expectations of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The firm’s revenue was up 89.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.26) earnings per share. On average, analysts predict that Summit Materials will post 1.85 EPS for the current fiscal year.

Insider Transactions at Summit Materials

In related news, insider Jason Kilgore sold 50,589 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the sale, the insider now owns 60,630 shares in the company, valued at approximately $2,437,932.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC boosted its position in shares of Summit Materials by 110.3% during the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after buying an additional 343 shares during the period. Parallel Advisors LLC lifted its stake in shares of Summit Materials by 113.7% during the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after acquiring an additional 399 shares during the last quarter. Register Financial Advisors LLC purchased a new position in Summit Materials during the 1st quarter valued at $45,000. Quadrant Capital Group LLC grew its position in Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after acquiring an additional 382 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Summit Materials in the first quarter worth $102,000.

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.