Summit Materials (NYSE:SUM) PT Lowered to $47.00

Summit Materials (NYSE:SUM) had its price target cut by Truist Financial from $53.00 to $47.00 in a report issued on Wednesday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other brokerages have also weighed in on SUM. StockNews.com lowered shares of Summit Materials from a hold rating to a sell rating in a research note on Friday, May 3rd. Royal Bank of Canada upped their target price on shares of Summit Materials from $44.00 to $46.00 and gave the stock a sector perform rating in a research note on Friday, May 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. Stephens restated an overweight rating and set a $47.00 price objective on shares of Summit Materials in a research note on Tuesday. Finally, Stifel Nicolaus reduced their price objective 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $47.00.

Summit Materials Trading Down 0.9 %

Shares of SUM stock traded down $0.35 on Wednesday, hitting $38.28. The stock had a trading volume of 566,998 shares, compared to its average volume of 982,224. Summit Materials has a twelve month low of $29.98 and a twelve month high of $44.89. The firm has a market cap of $6.72 billion, a P/E ratio of 17.09 and a beta of 1.15. The company has a current ratio of 2.58, a quick ratio of 1.93 and a debt-to-equity ratio of 0.66. The company has a fifty day moving average price of $37.75 and a two-hundred day moving average price of $39.47.

Summit Materials (NYSE:SUM) last announced its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.82%. The company’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.71 EPS. As a group, analysts forecast that Summit Materials will post 1.8 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jason Kilgore sold 50,589 shares of the company’s stock in a transaction dated 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 directly owns 60,630 shares of the company’s stock, valued at approximately $2,437,932.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently modified their holdings of the company. Signaturefd LLC raised its holdings in shares of Summit Materials by 110.3% in the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares during the period. Parallel Advisors LLC raised its holdings in shares of Summit Materials by 113.7% in the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after purchasing an additional 399 shares during the period. Register Financial Advisors LLC bought a new stake in shares of Summit Materials in the 1st quarter valued at about $45,000. Quest Partners LLC bought a new stake in shares of Summit Materials in the 2nd quarter valued at about $40,000. Finally, Quadrant Capital Group LLC raised its holdings in Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after acquiring an additional 382 shares during the period.

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.