Analysts Set Summit Materials, Inc. (NYSE:SUM) PT at $50.54

Summit Materials, Inc. (NYSE:SUM) has been assigned an average rating of “Hold” from the fourteen research firms that are covering the stock, Marketbeat Ratings reports. Eleven research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $50.54.

A number of analysts recently commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is currently owned by company insiders.

Institutional Trading of Summit Materials

Several hedge funds have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA increased its stake in shares of Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after purchasing an additional 429,062 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after purchasing an additional 94,694 shares during the period. River Road Asset Management LLC increased its position 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 worth $139,257,000 after buying an additional 488,688 shares during the last quarter. Geode Capital Management LLC increased its position in Summit Materials by 0.3% in the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying an additional 9,566 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Summit Materials by 16.9% in the second 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 during the period.

Summit Materials Price Performance

Shares of SUM opened at $52.10 on Wednesday. The firm has a market cap of $9.15 billion, a PE ratio of 63.54 and a beta of 1.14. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49. The business’s 50 day moving average price is $50.41 and its two-hundred day moving average price is $42.95. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Summit Materials (NYSE:SUM) last issued its 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. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. Summit Materials’s revenue was up 49.9% on a year-over-year basis. On average, equities analysts anticipate that Summit Materials will post 1.66 EPS for the current year.

Summit Materials Company Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.