Summit Materials’ (SUM) Neutral Rating Reiterated at Citigroup

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating restated by investment analysts at Citigroup in a research note issued to investors on Tuesday, Marketbeat reports. They presently have a $52.50 price objective on the construction company’s stock, down from their previous price objective of $55.00. Citigroup’s price target would suggest a potential upside of 2.76% from the company’s current price.

SUM has been the subject of several other research reports. DA Davidson upped their price target on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday. Truist Financial raised their price target on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Stephens reaffirmed an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, Loop Capital lifted their target price on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Stock Up 0.5 %

Summit Materials stock opened at $51.09 on Tuesday. The firm has a market capitalization of $8.97 billion, a price-to-earnings ratio of 62.30 and a beta of 1.14. The firm’s fifty day moving average price is $43.76 and its two-hundred day moving average price is $40.19. Summit Materials has a 1-year low of $34.38 and a 1-year high of $53.49. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

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

Institutional Investors Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. River Road Asset Management LLC raised its position in shares of Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after purchasing an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after buying an additional 448,922 shares in the last quarter. Millennium Management LLC grew its stake in Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after acquiring an additional 313,957 shares during the period. Finally, Troluce Capital Advisors LLC purchased a new stake in shares of Summit Materials during the second quarter worth $10,983,000.

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.