Brokerages Set Summit Materials, Inc. (NYSE:SUM) Target Price at $46.09

Summit Materials, Inc. (NYSE:SUM) has been assigned an average recommendation of “Moderate Buy” from the twelve analysts that are presently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $46.73.

Several analysts have recently issued reports on SUM shares. Stephens increased their target price on Summit Materials from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday. JPMorgan Chase & Co. started coverage on shares of Summit Materials in a research report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 target price for the company. Barclays increased their price target on shares of Summit Materials from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. The Goldman Sachs Group lifted their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, March 14th. Finally, Royal Bank of Canada upped their target price on Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Friday.

Summit Materials Price Performance

NYSE:SUM opened at $39.46 on Friday. Summit Materials has a 52 week low of $28.57 and a 52 week high of $44.89. The company has a debt-to-equity ratio of 0.99, a quick ratio of 4.62 and a current ratio of 5.36. The firm’s 50-day simple moving average is $41.66 and its 200 day simple moving average is $38.16. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 17.62 and a beta of 1.34.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.11. The company had revenue of $773.23 million for the quarter, compared to analysts’ expectations of $803.98 million. Summit Materials had a net margin of 8.36% and a return on equity of 8.96%. The business’s revenue for the quarter was up 89.9% on a year-over-year basis. During the same period last year, the firm earned ($0.26) earnings per share. As a group, sell-side analysts predict that Summit Materials will post 2.21 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA raised its position in Summit Materials by 130.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,512,959 shares of the construction company’s stock worth $171,674,000 after purchasing an additional 3,122,575 shares during the last quarter. Norges Bank acquired a new position in shares of Summit Materials in the fourth quarter worth approximately $49,437,000. River Road Asset Management LLC boosted its holdings in Summit Materials by 172.9% in the third quarter. River Road Asset Management LLC now owns 1,617,490 shares of the construction company’s stock valued at $50,369,000 after acquiring an additional 1,024,888 shares during the last quarter. FMR LLC increased its position in Summit Materials by 22.6% during the 3rd quarter. FMR LLC now owns 3,880,931 shares of the construction company’s stock valued at $120,852,000 after purchasing an additional 714,379 shares during the period. Finally, Qube Research & Technologies Ltd bought a new position in Summit Materials during the 3rd quarter worth approximately $9,221,000.

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.