Jefferies Financial Group Lowers Summit Materials (NYSE:SUM) Price Target to $56.00

Summit Materials (NYSE:SUM) had its price objective lowered by investment analysts at Jefferies Financial Group from $58.00 to $56.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Jefferies Financial Group’s target price points to a potential upside of 47.60% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Citigroup reduced their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. reduced their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday. Morgan Stanley assumed coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target for the company. Stephens reaffirmed an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 target price on shares of Summit Materials in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Summit Materials presently has an average rating of “Moderate Buy” and an average target price of $47.73.

Summit Materials Price Performance

NYSE:SUM traded up $1.11 on Wednesday, reaching $37.94. The stock had a trading volume of 1,287,961 shares, compared to its average volume of 967,439. The company has a market capitalization of $6.66 billion, a P/E ratio of 16.94 and a beta of 1.17. The stock has a fifty day moving average price of $38.42 and a 200-day moving average price of $38.93. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. Summit Materials has a 1-year low of $30.83 and a 1-year high of $44.89.

Summit Materials (NYSE:SUM) last announced its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. The business 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%. Summit Materials’s revenue was up 58.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.71 EPS. Research analysts forecast that Summit Materials will post 1.67 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC bought a new stake in Summit Materials in the second quarter valued at approximately $40,000. Register Financial Advisors LLC bought a new stake in shares of Summit Materials in the 1st quarter valued at $45,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Summit Materials during the 1st quarter worth $102,000. Fidelis Capital Partners LLC bought a new position in Summit Materials during the first quarter worth about $143,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Summit Materials in the second quarter valued at about $154,000.

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.