Summit Materials (NYSE:SUM) PT Lowered to $43.00

Summit Materials (NYSE:SUM) had its price target cut by research analysts at JPMorgan Chase & Co. from $47.00 to $43.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 13.34% from the stock’s current price.

SUM has been the subject of several other reports. Morgan Stanley started coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. Stifel Nicolaus dropped their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Stephens reissued an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Citigroup dropped their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.90.

Summit Materials Stock Performance

Summit Materials stock traded up $1.11 during midday trading on Wednesday, hitting $37.94. The stock had a trading volume of 1,256,562 shares, compared to its average volume of 967,278. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The firm’s fifty day moving average is $38.42 and its two-hundred day moving average is $38.93. The company has a market capitalization of $6.66 billion, a PE ratio of 16.94 and a beta of 1.17. Summit Materials has a 52-week low of $30.83 and a 52-week high of $44.89.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 EPS. On average, research analysts forecast that Summit Materials will post 1.67 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Register Financial Advisors LLC purchased a new position in shares of Summit Materials during the 1st quarter valued at $45,000. Quest Partners LLC bought a new position in shares of Summit Materials during the 2nd quarter worth about $40,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Summit Materials during the 1st quarter worth approximately $102,000. Fidelis Capital Partners LLC bought a new stake in shares of Summit Materials in the 1st quarter worth about $143,000. Finally, Westend Capital Management LLC bought a new position in shares of Summit Materials in the first quarter valued at approximately $185,000.

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.