Summit Materials (NYSE:SUM) PT Raised to $50.00 at Stephens

Summit Materials (NYSE:SUM) had its price objective raised by Stephens from $47.00 to $50.00 in a research note published on Friday, Benzinga reports. Stephens currently has an overweight rating on the construction company’s stock.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group upped their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the stock a neutral rating in a report on Thursday, March 14th. Truist Financial raised their price objective on Summit Materials from $50.00 to $53.00 and gave the company a buy rating in a research report on Tuesday, April 2nd. Royal Bank of Canada boosted their target price on Summit Materials from $44.00 to $46.00 and gave the stock a sector perform rating in a report on Friday. JPMorgan Chase & Co. initiated coverage on Summit Materials in a report on Friday, February 23rd. They set an overweight rating and a $47.00 price target for the company. Finally, Barclays upped 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 note on Thursday, March 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $46.73.

Summit Materials Stock Up 0.9 %

Shares of NYSE:SUM opened at $39.46 on Friday. The firm has a market capitalization of $6.88 billion, a P/E ratio of 17.62 and a beta of 1.34. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58. The stock has a 50 day moving average price of $41.66 and a 200-day moving average price of $38.16. Summit Materials has a 52-week low of $28.57 and a 52-week high of $44.89.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The business had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. During the same quarter in the prior year, the company earned ($0.26) earnings per share. The firm’s quarterly revenue was up 89.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Summit Materials will post 2.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its holdings in shares of Summit Materials by 58.8% in the third quarter. Commonwealth Equity Services LLC now owns 34,886 shares of the construction company’s stock worth $1,086,000 after purchasing an additional 12,911 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Summit Materials by 9.4% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 8,538 shares of the construction company’s stock worth $266,000 after acquiring an additional 734 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Summit Materials by 96.5% during the 3rd quarter. Raymond James & Associates now owns 159,926 shares of the construction company’s stock worth $4,980,000 after acquiring an additional 78,544 shares in the last quarter. BluePath Capital Management LLC bought a new position in shares of Summit Materials during the 3rd quarter valued at approximately $32,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Summit Materials by 9.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 680,708 shares of the construction company’s stock valued at $21,197,000 after purchasing an additional 56,432 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.