Summit Materials (NYSE:SUM) Price Target Cut to $43.00

Summit Materials (NYSE:SUM) had its target price cut by JPMorgan Chase & Co. from $47.00 to $43.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an overweight rating on the construction company’s stock.

Other research analysts also recently issued reports about the company. Morgan Stanley assumed coverage on Summit Materials in a research note on Monday, August 26th. They set an overweight rating and a $51.00 target price for the company. Truist Financial dropped their price objective on shares of Summit Materials from $53.00 to $47.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Citigroup decreased their price target on shares of Summit Materials from $47.00 to $46.00 and set a buy rating on the stock in a research note on Wednesday. Royal Bank of Canada restated a sector perform rating and set a $45.00 price objective on shares of Summit Materials in a report on Wednesday, August 7th. Finally, Stephens reiterated an overweight rating and set a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $47.73.

Summit Materials Price Performance

Shares of NYSE SUM opened at $37.91 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The business has a 50-day moving average of $38.42 and a 200-day moving average of $38.93. The stock has a market capitalization of $6.66 billion, a price-to-earnings ratio of 16.92 and a beta of 1.17. Summit Materials has a fifty-two week low of $30.83 and a fifty-two week high of $44.89.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue was up 58.1% compared to the same quarter last year. As a group, sell-side analysts predict that Summit Materials will post 1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Several hedge funds have recently bought and sold shares of the company. Norden Group LLC boosted its position in shares of Summit Materials by 1,038.9% during the 1st quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock worth $5,427,000 after acquiring an additional 111,069 shares in the last quarter. Vanguard Group Inc. boosted its stake in Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after buying an additional 262,179 shares in the last quarter. Congress Asset Management Co. MA raised its stake in Summit Materials by 9.2% during the first quarter. Congress Asset Management Co. MA now owns 427,672 shares of the construction company’s stock worth $19,061,000 after acquiring an additional 36,004 shares in the last quarter. Cobalt Capital Management Inc. acquired a new position in Summit Materials during the fourth quarter worth about $1,538,000. Finally, Nomura Holdings Inc. boosted its stake in shares of Summit Materials by 81.4% in the 4th quarter. Nomura Holdings Inc. now owns 49,782 shares of the construction company’s stock valued at $1,915,000 after purchasing an additional 22,341 shares in the last quarter.

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.