Summit Materials (NYSE:SUM) Price Target Lowered to $44.00 at Citigroup

Summit Materials (NYSE:SUM) had its target price cut by Citigroup from $51.00 to $44.00 in a report released on Thursday morning, Benzinga reports. They currently have a buy rating on the construction company’s stock.

Other equities analysts also recently issued research reports about the company. Stephens boosted their target price on Summit Materials from $47.00 to $50.00 and gave the stock an overweight rating in a research note on Friday, May 3rd. The Goldman Sachs Group upped their price objective on Summit Materials from $43.00 to $49.00 and gave the company a neutral rating in a research note on Thursday, March 14th. Truist Financial upped their price objective on Summit Materials from $50.00 to $53.00 and gave the company a buy rating in a research note on Tuesday, April 2nd. Barclays upped their price objective on Summit Materials from $40.00 to $45.00 and gave the company an equal weight rating in a research note on Thursday, March 14th. Finally, Stifel Nicolaus dropped their price objective on Summit Materials from $55.00 to $47.00 and set a buy rating on the stock in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Summit Materials currently has a consensus rating of Moderate Buy and an average target price of $46.50.

Summit Materials Stock Performance

Shares of SUM opened at $38.01 on Thursday. Summit Materials has a 52 week low of $29.98 and a 52 week high of $44.89. The stock has a 50 day moving average price of $38.05 and a two-hundred day moving average price of $39.18. The firm has a market capitalization of $6.67 billion, a P/E ratio of 16.97 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 announced its earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The firm had revenue of $773.23 million for the quarter, compared to the consensus estimate of $803.98 million. During the same quarter in the previous year, the business earned ($0.26) EPS. The company’s revenue was up 89.9% compared to the same quarter last year. Equities analysts forecast that Summit Materials will post 1.82 earnings per share for the current fiscal year.

Insider Transactions at Summit Materials

In other news, insider Jason Kilgore sold 50,589 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the transaction, the insider now owns 60,630 shares of the company’s stock, valued at $2,437,932.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC increased its stake in Summit Materials by 110.3% in the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after acquiring an additional 343 shares during the last quarter. Parallel Advisors LLC increased its stake in Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after acquiring an additional 399 shares during the last quarter. Register Financial Advisors LLC bought a new position in Summit Materials in the first quarter valued at $45,000. Quadrant Capital Group LLC increased its stake in Summit Materials by 25.1% in the fourth 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 bought a new position in Summit Materials in the first quarter valued at $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.