Summit Materials (NYSE:SUM) Upgraded to Overweight at Barclays

Barclays upgraded shares of Summit Materials (NYSE:SUM) from an equal weight rating to an overweight rating in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have $52.00 price target on the construction company’s stock, up from their prior price target of $45.00.

Several other research analysts have also recently commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Citigroup reduced their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Stifel Nicolaus lowered their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. DA Davidson reiterated a “neutral” rating and issued a $41.00 target price on shares of Summit Materials in a report on Tuesday, October 15th. Finally, Jefferies Financial Group decreased their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, Summit Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.42.

Summit Materials Price Performance

Shares of NYSE SUM opened at $47.41 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The firm has a market capitalization of $8.32 billion, a PE ratio of 21.17 and a beta of 1.17. Summit Materials has a 1-year low of $32.32 and a 1-year high of $48.17. The business’s fifty day moving average price is $39.52 and its two-hundred day moving average price is $38.88.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 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 $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the business earned $0.81 EPS. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, research analysts expect that Summit Materials will post 1.63 EPS for the current year.

Institutional Trading of Summit Materials

A number of institutional investors have recently added to or reduced their stakes in SUM. V Square Quantitative Management LLC bought a new position in shares of Summit Materials during the 3rd quarter valued at $27,000. Toth Financial Advisory Corp increased its position in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares during the last quarter. International Assets Investment Management LLC increased its position in Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after buying an additional 913 shares during the last quarter. Quest Partners LLC bought a new position in Summit Materials during the second quarter valued at about $40,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Summit Materials by 275.7% in the third 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 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.