JPMorgan Chase & Co. Reiterates “Neutral” Rating for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating reaffirmed by equities researchers at JPMorgan Chase & Co. in a note issued to investors on Monday,Benzinga reports. They currently have a $52.50 price objective on the construction company’s stock, up from their prior price objective of $43.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 3.25% from the stock’s previous close.

A number of other equities analysts also recently issued reports on SUM. Truist Financial increased their price objective on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Monday. Morgan Stanley assumed coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, Citigroup decreased their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $50.81.

Summit Materials Price Performance

Shares of Summit Materials stock opened at $50.85 on Monday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The company has a market cap of $8.93 billion, a PE ratio of 62.01 and a beta of 1.14. The business has a 50 day moving average of $43.52 and a 200 day moving average of $40.11. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 earnings per share. As a group, equities research analysts forecast that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors have recently modified their holdings of SUM. Johnson Investment Counsel Inc. boosted its position in shares of Summit Materials by 5.8% during the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after buying an additional 327 shares during the last quarter. Assetmark Inc. boosted its position in shares of Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after buying an additional 411 shares during the last quarter. Waycross Investment Management Co boosted its position in shares of Summit Materials by 1.0% during the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after buying an additional 412 shares during the last quarter. Xponance Inc. boosted its position in shares of Summit Materials by 6.2% during the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after buying an additional 448 shares during the last quarter. Finally, Toth Financial Advisory Corp boosted its position in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares during 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.