Summit Materials, Inc. (NYSE:SUM) Given Consensus Recommendation of “Moderate Buy” by Analysts

Summit Materials, Inc. (NYSE:SUM) has been assigned an average rating of “Moderate Buy” from the thirteen research firms that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $50.38.

A number of brokerages have recently weighed in on SUM. Royal Bank of Canada lifted their price objective on Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Jefferies Financial Group cut their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. JPMorgan Chase & Co. dropped their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Finally, Truist Financial lifted their price target on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $48.54 on Tuesday. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of 59.19 and a beta of 1.14. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials has a 1-year low of $33.73 and a 1-year high of $51.74. The stock’s 50-day moving average is $41.74 and its 200 day moving average is $39.62.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the company earned $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Summit Materials will post 1.64 EPS for the current fiscal year.

Institutional Trading of Summit Materials

Several hedge funds have recently bought and sold shares of SUM. Johnson Investment Counsel Inc. boosted its stake in shares of Summit Materials by 5.8% in 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 period. Assetmark Inc. boosted its stake in shares of Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after acquiring an additional 411 shares during the period. Waycross Investment Management Co boosted its stake in shares of Summit Materials by 1.0% in the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after acquiring an additional 412 shares during the period. Xponance Inc. boosted its stake in shares of Summit Materials by 6.2% in the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after acquiring an additional 448 shares during the period. Finally, InterOcean Capital Group LLC boosted its stake in shares of Summit Materials by 4.5% in the first quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock worth $472,000 after acquiring an additional 455 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.