Summit Materials (NYSE:SUM) Earns “Neutral” Rating from DA Davidson

DA Davidson reissued their neutral rating on shares of Summit Materials (NYSE:SUM) in a research report report published on Tuesday, Benzinga reports. They currently have a $41.00 price objective on the construction company’s stock.

Several other research analysts have also issued reports on SUM. Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a research note on Wednesday, August 7th. Stifel Nicolaus reduced their target price on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Truist Financial decreased their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Finally, Jefferies Financial Group decreased their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.17.

Summit Materials Stock Performance

SUM stock opened at $42.30 on Tuesday. Summit Materials has a 1-year low of $30.83 and a 1-year high of $44.89. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The stock has a 50-day moving average price of $38.57 and a 200-day moving average price of $38.77. The firm has a market cap of $7.43 billion, a PE ratio of 19.77 and a beta of 1.17.

Summit Materials (NYSE:SUM) last issued its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm’s revenue for the quarter was up 58.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 earnings per share. As a group, equities research analysts expect that Summit Materials will post 1.63 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SUM. Norden Group LLC increased its stake in Summit Materials by 1,038.9% in the 1st quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock valued at $5,427,000 after buying an additional 111,069 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after acquiring an additional 262,179 shares during the period. Congress Asset Management Co. MA boosted its position in Summit Materials by 9.2% in the first quarter. Congress Asset Management Co. MA now owns 427,672 shares of the construction company’s stock worth $19,061,000 after purchasing an additional 36,004 shares during the last quarter. Nomura Holdings Inc. grew its stake in 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 during the period. Finally, Sei Investments Co. increased its position in shares of Summit Materials by 20.7% during the 1st quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock valued at $20,331,000 after purchasing an additional 78,111 shares during 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.