Summit Materials’ (SUM) “Hold” Rating Reiterated at Truist Financial

Truist Financial restated their hold rating on shares of Summit Materials (NYSE:SUM) in a report issued on Tuesday morning, MarketBeat Ratings reports. They currently have a $52.50 target price on the construction company’s stock, down from their prior target price of $60.00.

Several other research analysts also recently commented on SUM. Stephens reiterated an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday. Loop Capital reissued a “hold” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Tuesday. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday. Finally, Citigroup reaffirmed a “neutral” rating and issued a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $51.09 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock has a 50 day moving average price of $43.98 and a 200 day moving average price of $40.26. The stock has a market capitalization of $8.97 billion, a PE ratio of 62.30 and a beta of 1.14. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results 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. The firm 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 6.90%. The company’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 earnings per share. Analysts predict that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Institutional investors have recently modified their holdings of the business. River Road Asset Management LLC boosted its stake in 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 buying an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of 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 purchasing an additional 448,922 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after purchasing an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position 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 worth $68,419,000 after purchasing an additional 313,957 shares in the last quarter. Finally, Troluce Capital Advisors LLC bought a new position in Summit Materials in the 2nd quarter valued at approximately $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.