Summit Materials’ (SUM) “Neutral” Rating Reiterated at Citigroup

Citigroup restated their neutral rating on shares of Summit Materials (NYSE:SUM) in a research note issued to investors on Tuesday morning, Marketbeat.com reports. The firm currently has a $52.50 price objective on the construction company’s stock, down from their prior price objective of $55.00.

Other equities research analysts have also issued reports about the stock. Morgan Stanley initiated coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a report on Monday. DA Davidson increased their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Finally, Jefferies Financial Group reduced 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. One investment 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 data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $50.81.

Summit Materials Trading Up 0.5 %

Summit Materials stock opened at $51.09 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The stock has a market cap of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14. The firm’s fifty day moving average price is $43.98 and its 200-day moving average price is $40.26.

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

Institutional Trading of Summit Materials

A number of institutional investors have recently modified their holdings of SUM. Franklin Resources Inc. bought a new position in Summit Materials during the 3rd quarter valued at approximately $7,359,000. Synovus Financial Corp increased its stake in shares of Summit Materials by 13.6% during the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after buying an additional 3,390 shares during the period. Tidal Investments LLC raised its holdings in shares of Summit Materials by 32.0% during the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock valued at $534,000 after acquiring an additional 3,321 shares in the last quarter. World Investment Advisors LLC purchased a new stake in Summit Materials in the third quarter worth $457,000. Finally, Sanctuary Advisors LLC boosted its holdings in Summit Materials by 50.8% in the third quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock valued at $991,000 after acquiring an additional 8,559 shares in 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.