Summit Materials’ (SUM) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Summit Materials (NYSE:SUM)‘s stock had its “sector perform” rating reiterated by Royal Bank of Canada in a research report issued on Monday,Benzinga reports. They presently have a $52.50 price target on the construction company’s stock, down from their prior price target of $54.00. Royal Bank of Canada’s price objective would suggest a potential upside of 3.25% from the stock’s previous close.

SUM has been the subject of a number of other research reports. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial raised their price objective on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. StockNews.com lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Citigroup lowered their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, DA Davidson raised their price target on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $50.81.

Summit Materials Stock Up 0.2 %

Shares of NYSE SUM opened at $50.85 on Monday. The company has a 50 day simple moving average of $43.52 and a 200 day simple moving average of $40.11. The firm has a market cap of $8.93 billion, a PE ratio of 62.01 and a beta of 1.14. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. 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 (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The business 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%. The firm’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter last year, the business earned $0.81 EPS. On average, research analysts forecast that Summit Materials will post 1.64 EPS for the current year.

Institutional Trading of Summit Materials

Several large investors have recently modified their holdings of the stock. Synovus Financial Corp grew its position in shares of Summit Materials by 13.6% during the 3rd quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock worth $1,102,000 after buying an additional 3,390 shares during the period. Tidal Investments LLC grew 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 acquired a new stake in shares of Summit Materials during the 3rd quarter worth approximately $457,000. Sanctuary Advisors LLC grew its position in shares of Summit Materials by 50.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock worth $991,000 after buying an additional 8,559 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Summit Materials by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying 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.