Summit Materials (NYSE:SUM) Given “Neutral” Rating at Longbow Research

Longbow Research reiterated their neutral rating on shares of Summit Materials (NYSE:SUM) in a report issued on Tuesday, Marketbeat reports.

SUM has been the topic of a number of other research reports. Morgan Stanley initiated coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Monday. Stephens reissued an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Finally, Loop Capital reiterated a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Tuesday. One research 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. According to data from MarketBeat.com, Summit Materials currently has a consensus rating of “Hold” and a consensus target price of $50.81.

Summit Materials Trading Up 0.5 %

Shares of SUM stock opened at $51.09 on Tuesday. The firm’s 50-day simple moving average is $43.98 and its 200-day simple moving average is $40.26. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials has a 1-year low of $34.38 and a 1-year high of $53.49. The firm has a market cap of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its quarterly 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 during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’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 business posted $0.81 earnings per share. As a group, equities analysts forecast that Summit Materials will post 1.64 EPS for the current year.

Hedge Funds Weigh In On Summit Materials

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SUM. Johnson Investment Counsel Inc. increased its position in shares of Summit Materials by 5.8% during the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after acquiring an additional 327 shares during the last quarter. Assetmark Inc. grew its stake in Summit Materials by 6.3% during the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after purchasing an additional 411 shares in the last quarter. Waycross Investment Management Co increased its holdings in Summit Materials by 1.0% during the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after purchasing an additional 412 shares during the last quarter. Xponance Inc. raised its position in shares of Summit Materials by 6.2% in the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after purchasing an additional 448 shares in the last quarter. Finally, Toth Financial Advisory Corp raised its position in shares of 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 purchasing an additional 500 shares in 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.