Wolfe Research Reaffirms “Peer Perform” Rating for Summit Materials (NYSE:SUM)

Wolfe Research restated their peer perform rating on shares of Summit Materials (NYSE:SUM) in a research note issued to investors on Tuesday, MarketBeat reports.

Other research analysts have also issued reports about the company. Morgan Stanley started coverage on Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Jefferies Financial Group dropped their price objective on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. StockNews.com lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Loop Capital reissued a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Summit Materials presently has a consensus rating of “Hold” and a consensus price target of $50.81.

Summit Materials Stock Performance

NYSE:SUM opened at $50.94 on Tuesday. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $44.21 and a two-hundred day moving average price of $40.34. The company has a market capitalization of $8.95 billion, a P/E ratio of 62.12 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 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 firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the previous year, the company earned $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. As a group, research analysts expect that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. bought a new stake in shares of Summit Materials during the third quarter worth $7,359,000. Synovus Financial Corp boosted its position in Summit Materials by 13.6% in the 3rd quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after buying an additional 3,390 shares during the last quarter. Tidal Investments LLC boosted its holdings in Summit Materials by 32.0% in the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock valued at $534,000 after acquiring an additional 3,321 shares during the last quarter. World Investment Advisors LLC bought a new position in shares of Summit Materials in the 3rd quarter valued at about $457,000. Finally, Sanctuary Advisors LLC boosted its stake in Summit Materials by 50.8% in the third quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock valued at $991,000 after acquiring an additional 8,559 shares during the last quarter.

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.