Summit Materials (NYSE:SUM) Given Hold Rating at Loop Capital

Loop Capital reaffirmed their hold rating on shares of Summit Materials (NYSE:SUM) in a research note published on Tuesday,Benzinga reports. Loop Capital currently has a $52.50 price target on the construction company’s stock, down from their prior price target of $54.00.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Truist Financial upped their price objective on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $50.85 on Tuesday. The firm’s 50-day moving average price is $43.52 and its 200-day moving average price is $40.11. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49. The company has a market cap of $8.93 billion, a PE ratio of 62.01 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last issued 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. The company 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 firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 earnings per share. As a group, analysts anticipate that Summit Materials will post 1.64 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after buying an additional 94,694 shares during the period. Ausbil Investment Management Ltd boosted its position in Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after acquiring an additional 18,706 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Summit Materials by 3.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock valued at $28,570,000 after acquiring an additional 27,225 shares during the period. Comerica Bank raised its position in shares of Summit Materials by 215.3% in the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after acquiring an additional 62,173 shares in the last quarter. Finally, Royce & Associates LP raised its position in shares of Summit Materials by 5.7% in the 3rd quarter. Royce & Associates LP now owns 369,869 shares of the construction company’s stock worth $14,436,000 after acquiring an additional 19,870 shares in the last quarter.

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.