Summit Materials (NYSE:SUM) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Summit Materials (NYSE:SUM) in a research note published on Monday,Benzinga reports. They currently have a $52.50 price target on the construction company’s stock, down from their prior price target of $54.00.

Other equities research analysts also recently issued reports about the company. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. JPMorgan Chase & Co. lowered their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. DA Davidson boosted their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Morgan Stanley began coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target for the company. Finally, Loop Capital boosted their price target on Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.00.

Summit Materials Price Performance

SUM stock opened at $50.75 on Monday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49. The stock’s 50 day moving average is $43.29 and its two-hundred day moving average is $40.04. The company has a market capitalization of $8.91 billion, a PE ratio of 61.89 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the business earned $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. Analysts predict that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC acquired a new position in Summit Materials during the 3rd quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Summit Materials during the 3rd quarter worth $28,000. Toth Financial Advisory Corp boosted its position in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares during the period. International Assets Investment Management LLC boosted its position in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after acquiring an additional 913 shares during the period. Finally, Quest Partners LLC acquired a new position in Summit Materials during the 2nd quarter worth $40,000.

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.