Summit Materials (NYSE:SUM) Price Target Cut to $46.00

Summit Materials (NYSE:SUM) had its target price decreased by Citigroup from $47.00 to $46.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Citigroup’s price target would suggest a potential upside of 21.24% from the company’s previous close.

Several other brokerages have also recently commented on SUM. Morgan Stanley assumed coverage on 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 cut their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Stephens restated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Truist Financial dropped their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials has a consensus rating of “Moderate Buy” and an average target price of $46.90.

Summit Materials Stock Performance

NYSE:SUM traded up $1.11 during trading hours on Wednesday, reaching $37.94. The company had a trading volume of 1,256,562 shares, compared to its average volume of 967,278. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials has a 1-year low of $30.83 and a 1-year high of $44.89. The business’s 50 day moving average price is $38.42 and its 200-day moving average price is $38.93. The firm has a market cap of $6.66 billion, a PE ratio of 16.94 and a beta of 1.17.

Summit Materials (NYSE:SUM) last posted its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company’s quarterly revenue was up 58.1% on a year-over-year basis. During the same period last year, the firm earned $0.71 EPS. Research analysts forecast that Summit Materials will post 1.67 EPS for the current year.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently bought and sold shares of SUM. Cobalt Capital Management Inc. acquired a new stake in Summit Materials in the fourth quarter valued at approximately $1,538,000. Vanguard Group Inc. raised its holdings in shares of Summit Materials by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock valued at $460,688,000 after purchasing an additional 53,079 shares in the last quarter. Nomura Holdings Inc. lifted its position in shares of Summit Materials by 81.4% during the 4th quarter. Nomura Holdings Inc. now owns 49,782 shares of the construction company’s stock worth $1,915,000 after purchasing an additional 22,341 shares during the last quarter. First Hawaiian Bank acquired a new position in shares of Summit Materials during the first quarter worth $715,000. Finally, Congress Asset Management Co. MA increased its holdings in Summit Materials by 9.2% in the first quarter. Congress Asset Management Co. MA now owns 427,672 shares of the construction company’s stock valued at $19,061,000 after buying an additional 36,004 shares during the last quarter.

Summit Materials Company Profile

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.