Summit Materials (NYSE:SUM) Given Hold Rating at Truist Financial

Truist Financial reissued their hold rating on shares of Summit Materials (NYSE:SUM) in a report released on Tuesday,Benzinga reports. Truist Financial currently has a $52.50 price objective on the construction company’s stock, down from their prior price objective of $60.00.

Other equities analysts have also recently issued research reports about the company. Citigroup reissued a “neutral” rating and set a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday. Loop Capital restated a “hold” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a research note on Monday. Finally, Stephens restated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Stock Up 0.2 %

Shares of Summit Materials stock opened at $50.85 on Tuesday. Summit Materials has a 12-month low of $34.38 and a 12-month high of $53.49. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The stock has a 50 day moving average price of $43.52 and a two-hundred day moving average price of $40.11. The stock has a market capitalization of $8.93 billion, a P/E ratio of 62.01 and a beta of 1.14.

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

Institutional Trading of Summit Materials

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SUM. Synovus Financial Corp boosted its holdings in Summit Materials by 13.6% during the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after purchasing an additional 3,390 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Summit Materials by 32.0% during the 3rd quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock worth $534,000 after buying an additional 3,321 shares during the period. World Investment Advisors LLC bought a new position in shares of Summit Materials during the 3rd quarter worth approximately $457,000. Sanctuary Advisors LLC boosted its stake in Summit Materials by 50.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock valued at $991,000 after buying an additional 8,559 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Summit Materials by 0.3% in the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after acquiring 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.