Summit Materials (NYSE:SUM) PT Lowered to $46.00

Summit Materials (NYSE:SUM) had its price target cut by stock analysts at Citigroup from $47.00 to $46.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Citigroup’s target price points to a potential upside of 21.66% from the stock’s previous close.

Several other equities analysts also recently weighed in on the stock. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. Stephens restated an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial cut their price target on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Stifel Nicolaus lowered their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 target price on shares of Summit Materials in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.73.

Summit Materials Stock Down 0.3 %

SUM stock opened at $37.81 on Wednesday. The stock has a market capitalization of $6.64 billion, a P/E ratio of 16.92 and a beta of 1.17. Summit Materials has a 52 week low of $30.83 and a 52 week high of $44.89. The firm has a 50-day simple moving average of $38.35 and a 200-day simple moving average of $38.92. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the company posted $0.71 earnings per share. The business’s revenue was up 58.1% on a year-over-year basis. Equities analysts forecast that Summit Materials will post 1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Hedge funds and other institutional investors have recently bought and sold shares of the company. Inspire Investing LLC lifted its position in shares of Summit Materials by 10.4% during the third quarter. Inspire Investing LLC now owns 10,607 shares of the construction company’s stock worth $414,000 after purchasing an additional 997 shares in the last quarter. SG Americas Securities LLC boosted its position in Summit Materials by 386.3% in the 3rd quarter. SG Americas Securities LLC now owns 14,229 shares of the construction company’s stock valued at $555,000 after buying an additional 11,303 shares during the period. American Trust grew its stake in shares of Summit Materials by 18.5% in the second quarter. American Trust now owns 8,329 shares of the construction company’s stock worth $305,000 after acquiring an additional 1,303 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Summit Materials during the second quarter worth $674,000. Finally, Truist Financial Corp purchased a new position in Summit Materials in the second quarter valued at $314,000.

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.