Summit Materials (NYSE:SUM) Price Target Raised to $47.00

Summit Materials (NYSE:SUM) had its target price upped by DA Davidson from $41.00 to $47.00 in a report released on Tuesday morning,Benzinga reports. DA Davidson currently has a neutral rating on the construction company’s stock.

Several other research firms have also recently commented on SUM. Truist Financial raised their price target on shares of Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Royal Bank of Canada boosted their target price on Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Jefferies Financial Group cut their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Summit Materials currently has a consensus rating of “Moderate Buy” and an average target price of $50.38.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $49.80 on Tuesday. The company has a market cap of $8.74 billion, a P/E ratio of 60.73 and a beta of 1.14. The company’s fifty day moving average is $40.19 and its two-hundred day moving average is $39.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a 12-month low of $33.04 and a 12-month high of $51.74.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data 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 return on equity of 6.90% and a net margin of 3.92%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the business earned $0.81 EPS. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. Equities analysts expect that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new stake in Summit Materials during the third quarter valued at about $27,000. Toth Financial Advisory Corp lifted its position in shares of Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares during the period. Quest Partners LLC acquired a new stake in Summit Materials in the 2nd quarter valued at approximately $40,000. Finally, Farther Finance Advisors LLC increased its position in Summit Materials by 275.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after buying an additional 951 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.