Royal Bank of Canada Boosts Summit Materials (NYSE:SUM) Price Target to $54.00

Summit Materials (NYSE:SUM) had its target price upped by investment analysts at Royal Bank of Canada from $53.00 to $54.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the construction company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 12.90% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Citigroup reduced their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. DA Davidson reaffirmed a “neutral” rating and set a $41.00 price target on shares of Summit Materials in a research note on Tuesday, October 15th. JPMorgan Chase & Co. reduced their price objective on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Finally, Morgan Stanley started coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $49.92.

Summit Materials Stock Performance

Shares of SUM opened at $47.83 on Friday. The stock has a market capitalization of $8.40 billion, a P/E ratio of 58.33 and a beta of 1.14. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. Summit Materials has a 1 year low of $32.32 and a 1 year high of $48.22. The company’s fifty day moving average is $39.67 and its two-hundred day moving average is $38.93.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 7.30%. The business’s revenue was up 49.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.81 earnings per share. On average, sell-side analysts predict that Summit Materials will post 1.59 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently bought and sold shares of the stock. Commonwealth Equity Services LLC boosted its stake in shares of Summit Materials by 22.1% during the first quarter. Commonwealth Equity Services LLC now owns 45,935 shares of the construction company’s stock valued at $2,047,000 after acquiring an additional 8,313 shares during the last quarter. Norden Group LLC grew its holdings in shares of Summit Materials by 41.8% during the first quarter. Norden Group LLC now owns 15,158 shares of the construction company’s stock worth $676,000 after buying an additional 4,467 shares in the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Summit Materials during the first quarter worth about $404,000. BNP Paribas Financial Markets lifted its stake in shares of Summit Materials by 89.5% during the first quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock valued at $3,995,000 after buying an additional 42,344 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Summit Materials by 39.0% during the first quarter. Janney Montgomery Scott LLC now owns 18,839 shares of the construction company’s stock valued at $840,000 after buying an additional 5,286 shares during the period.

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.