Summit Materials, Inc. (NYSE:SUM) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned a consensus rating of “Moderate Buy” from the twelve brokerages that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $47.17.

Several equities analysts recently issued reports on SUM shares. 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. Morgan Stanley started coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock. Stifel Nicolaus decreased their target price 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. Truist Financial decreased their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group decreased their target price on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Johnson Investment Counsel Inc. increased its holdings in shares of Summit Materials by 5.8% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after acquiring an additional 327 shares during the last quarter. Waycross Investment Management Co increased its holdings in shares of Summit Materials by 1.0% in the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after acquiring an additional 412 shares during the last quarter. Xponance Inc. increased its holdings in shares of Summit Materials by 6.2% in the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after acquiring an additional 448 shares during the last quarter. InterOcean Capital Group LLC increased its holdings in shares of Summit Materials by 4.5% in the 1st quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock valued at $472,000 after acquiring an additional 455 shares during the last quarter. Finally, Toth Financial Advisory Corp increased its holdings in shares of Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares during the last quarter.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $43.28 on Friday. Summit Materials has a 52 week low of $30.83 and a 52 week high of $46.03. The business’s fifty day simple moving average is $38.73 and its 200-day simple moving average is $38.70. The firm has a market cap of $7.59 billion, a PE ratio of 19.32 and a beta of 1.17. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the company posted $0.71 EPS. The company’s quarterly revenue was up 58.1% on a year-over-year basis. Equities analysts forecast that Summit Materials will post 1.63 earnings per share for the current year.

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.