Summit Materials (NYSE:SUM) Upgraded at Barclays

Barclays upgraded shares of Summit Materials (NYSE:SUM) from an equal weight rating to an overweight rating in a report released on Tuesday morning, Marketbeat reports. The firm currently has $52.00 price objective on the construction company’s stock, up from their prior price objective of $45.00.

Other analysts also recently issued reports about the company. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial dropped their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. DA Davidson reaffirmed a “neutral” rating and issued a $41.00 price objective on shares of Summit Materials in a research report on Tuesday, October 15th. Finally, Jefferies Financial Group reduced their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Summit Materials presently has an average rating of “Moderate Buy” and a consensus target price of $48.42.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $47.41 on Tuesday. The business has a 50-day moving average of $39.52 and a two-hundred day moving average of $38.88. The firm has a market capitalization of $8.32 billion, a PE ratio of 21.17 and a beta of 1.17. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials has a 12 month low of $32.32 and a 12 month high of $48.17.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the firm posted $0.81 earnings per share. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. As a group, research analysts forecast that Summit Materials will post 1.63 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Norden Group LLC grew its stake in Summit Materials by 1,038.9% in the first quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock worth $5,427,000 after purchasing an additional 111,069 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Summit Materials by 22.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 45,935 shares of the construction company’s stock worth $2,047,000 after buying an additional 8,313 shares during the last quarter. Diversify Advisory Services LLC acquired a new position in shares of Summit Materials in the 1st quarter worth approximately $404,000. BNP Paribas Financial Markets grew its position in shares of Summit Materials by 89.5% in the 1st quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock worth $3,995,000 after acquiring an additional 42,344 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Summit Materials by 39.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 18,839 shares of the construction company’s stock valued at $840,000 after acquiring an additional 5,286 shares during the last quarter.

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.