Summit Materials (NYSE:SUM) Given New $47.00 Price Target at Stifel Nicolaus

Summit Materials (NYSE:SUM) had its price objective lowered by Stifel Nicolaus from $55.00 to $47.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Other equities analysts have also issued reports about the company. Royal Bank of Canada boosted their price target on Summit Materials from $44.00 to $46.00 and gave the company a sector perform rating in a research note on Friday, May 3rd. Truist Financial upped their price objective on shares of Summit Materials from $50.00 to $53.00 and gave the company a buy rating in a report on Tuesday, April 2nd. Barclays raised their price objective on Summit Materials from $40.00 to $45.00 and gave the company an equal weight rating in a research note on Thursday, March 14th. The Goldman Sachs Group boosted their target price on shares of Summit Materials from $43.00 to $49.00 and gave the stock a neutral rating in a research report on Thursday, March 14th. Finally, Wolfe Research raised Summit Materials from a peer perform rating to an outperform rating and set a $49.00 price objective for the company in a research note on Wednesday, May 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Summit Materials has an average rating of Moderate Buy and a consensus price target of $47.08.

Summit Materials Trading Up 1.5 %

NYSE:SUM opened at $36.16 on Wednesday. Summit Materials has a 52 week low of $29.98 and a 52 week high of $44.89. The firm’s fifty day moving average is $38.41 and its 200-day moving average is $39.27. The firm has a market cap of $6.34 billion, a P/E ratio of 16.14 and a beta of 1.15. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. The business 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 7.33%. The business’s quarterly revenue was up 89.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.26) earnings per share. Equities analysts expect that Summit Materials will post 1.85 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jason Kilgore sold 50,589 shares of Summit Materials stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the completion of the transaction, the insider now directly owns 60,630 shares in the company, valued at approximately $2,437,932.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Materials

A number of large investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. raised its stake in shares of Summit Materials by 82.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 151,714 shares of the construction company’s stock valued at $4,724,000 after purchasing an additional 68,614 shares during the period. Stifel Financial Corp increased its position in shares of Summit Materials by 46.2% during the third quarter. Stifel Financial Corp now owns 79,394 shares of the construction company’s stock valued at $2,472,000 after buying an additional 25,090 shares during the period. Natixis Advisors L.P. lifted its holdings in shares of Summit Materials by 10.1% in the third quarter. Natixis Advisors L.P. now owns 28,462 shares of the construction company’s stock worth $886,000 after buying an additional 2,608 shares in the last quarter. Teza Capital Management LLC bought a new position in shares of Summit Materials in the third quarter valued at approximately $210,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Summit Materials during the third quarter valued at approximately $1,866,000.

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.