Summit Materials (NYSE:SUM) Given New $44.00 Price Target at Citigroup

Summit Materials (NYSE:SUM) had its price target lowered by Citigroup from $51.00 to $44.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Citigroup’s price target would suggest a potential upside of 16.13% from the company’s previous close.

A number of other equities analysts also recently weighed in on the stock. Stifel Nicolaus decreased their target price on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Wednesday, May 15th. StockNews.com downgraded shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Truist Financial raised their target price on shares of Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada raised their target price on shares of Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a research note on Friday, May 3rd. 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.50.

Summit Materials Trading Up 2.4 %

SUM stock traded up $0.87 during trading on Thursday, reaching $37.89. The company had a trading volume of 377,080 shares, compared to its average volume of 963,385. Summit Materials has a 52 week low of $29.98 and a 52 week high of $44.89. The company has a market cap of $6.65 billion, a P/E ratio of 16.92 and a beta of 1.15. The business has a 50 day moving average of $38.08 and a 200 day moving average of $39.19. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.58 and a quick ratio of 1.93.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The company had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. During the same period in the prior year, the firm earned ($0.26) earnings per share. Summit Materials’s revenue was up 89.9% on a year-over-year basis. As a group, sell-side analysts forecast that Summit Materials will post 1.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Kilgore sold 50,589 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the sale, the insider now owns 60,630 shares in the company, valued at $2,437,932.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Norges Bank bought a new stake in Summit Materials in the 4th quarter valued at $49,437,000. Massachusetts Financial Services Co. MA increased its holdings in Summit Materials by 20.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after acquiring an additional 1,137,500 shares during the last quarter. Hood River Capital Management LLC bought a new stake in Summit Materials in the 1st quarter valued at $33,206,000. Interval Partners LP bought a new stake in Summit Materials in the 1st quarter valued at $18,051,000. Finally, Vanguard Group Inc. increased its holdings in Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after acquiring an additional 262,179 shares during the last quarter.

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.