Summit Materials (NYSE:SUM) Stock Rating Reaffirmed by DA Davidson

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating restated by analysts at DA Davidson in a research note issued on Tuesday, Benzinga reports. They currently have a $41.00 price objective on the construction company’s stock. DA Davidson’s target price suggests a potential upside of 0.86% from the stock’s current price.

A number of other equities analysts have also weighed in on SUM. Truist Financial lowered their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Citigroup dropped their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Stephens reiterated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. JPMorgan Chase & Co. reduced their price target on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Finally, 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 research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $47.17.

Summit Materials Trading Up 2.8 %

Shares of Summit Materials stock opened at $40.65 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The firm has a fifty day moving average price of $38.43 and a 200 day moving average price of $38.75. Summit Materials has a 1 year low of $30.83 and a 1 year high of $44.89. The stock has a market cap of $7.13 billion, a PE ratio of 18.15 and a beta of 1.17.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the business earned $0.71 earnings per share. The firm’s revenue was up 58.1% on a year-over-year basis. Equities research analysts predict that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Norden Group LLC raised its holdings in Summit Materials by 1,038.9% in the first quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock valued at $5,427,000 after buying an additional 111,069 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after acquiring an additional 262,179 shares during the period. Congress Asset Management Co. MA raised its stake in shares of Summit Materials by 9.2% during 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 purchasing an additional 36,004 shares in the last quarter. Nomura Holdings Inc. raised its stake in shares of Summit Materials by 81.4% during the fourth quarter. Nomura Holdings Inc. now owns 49,782 shares of the construction company’s stock valued at $1,915,000 after purchasing an additional 22,341 shares in the last quarter. Finally, Sei Investments Co. raised its position in Summit Materials by 20.7% in the first quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock worth $20,331,000 after acquiring an additional 78,111 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.