Summit Materials, Inc. (NYSE:SUM) Receives $50.54 Consensus PT from Analysts

Summit Materials, Inc. (NYSE:SUM) has earned a consensus rating of “Hold” from the fourteen analysts that are covering the stock, Marketbeat.com reports. Eleven investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $50.54.

A number of research analysts have commented on the stock. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. DA Davidson raised their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Truist Financial reaffirmed a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th.

Insider Activity

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC purchased a new position in Summit Materials in the 3rd quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials during the third quarter worth approximately $28,000. Versant Capital Management Inc boosted its stake in Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after buying an additional 353 shares during the last quarter. Toth Financial Advisory Corp grew its holdings in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. Finally, International Assets Investment Management LLC increased its stake in shares of Summit Materials by 3,804.2% in the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after acquiring an additional 913 shares during the last quarter.

Summit Materials Stock Up 0.1 %

Shares of NYSE:SUM opened at $52.10 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The business has a 50 day simple moving average of $50.41 and a two-hundred day simple moving average of $43.06. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. The firm has a market capitalization of $9.15 billion, a PE ratio of 63.54 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating 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 analyst estimates of $1.17 billion. During the same quarter last year, the business posted $0.81 EPS. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, equities analysts predict that Summit Materials will post 1.66 EPS for the current year.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.