Summit Materials (NYSE:SUM) Earns Neutral Rating from JPMorgan Chase & Co.

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating reissued by analysts at JPMorgan Chase & Co. in a research note issued to investors on Monday,Benzinga reports. They presently have a $52.50 price objective on the construction company’s stock, up from their previous price objective of $43.00. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 3.24% from the stock’s previous close.

Several other research firms have also weighed in on SUM. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research report on Monday. Citigroup lowered their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Jefferies Financial Group lowered their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Finally, Morgan Stanley initiated 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.00.

Summit Materials Stock Performance

Shares of Summit Materials stock traded down $0.81 during trading hours on Monday, reaching $50.85. The company’s stock had a trading volume of 21,770,984 shares, compared to its average volume of 1,179,328. Summit Materials has a one year low of $34.38 and a one year high of $53.49. The stock has a market cap of $8.93 billion, a P/E ratio of 62.01 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company’s 50 day simple moving average is $43.04 and its 200 day simple moving average is $39.97.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The company’s revenue was up 49.9% compared to the same quarter last year. As a group, analysts expect that Summit Materials will post 1.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Several large investors have recently added to or reduced their stakes in SUM. Massachusetts Financial Services Co. MA boosted its position in Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after purchasing an additional 429,062 shares during the last quarter. Principal Financial Group Inc. raised its position in Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares during the period. Victory Capital Management Inc. boosted its stake in Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares during the last quarter. River Road Asset Management LLC increased its stake in shares of Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after purchasing an additional 488,688 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares during the period.

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.