Barclays Upgrades Summit Materials (NYSE:SUM) to Overweight

Summit Materials (NYSE:SUM) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Tuesday, Marketbeat.com reports. The firm currently has a $52.00 price objective on the construction company’s stock, up from their previous price objective of $45.00. Barclays‘s price objective would indicate a potential upside of 12.02% from the stock’s current price.

A number of other brokerages have also issued reports on SUM. Jefferies Financial Group dropped their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lowered their price target on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Stephens reaffirmed an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Finally, Truist Financial cut their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Summit Materials presently has a consensus rating of “Moderate Buy” and an average target price of $48.42.

Summit Materials Price Performance

Shares of SUM opened at $46.42 on Tuesday. Summit Materials has a twelve month low of $32.32 and a twelve month high of $46.97. The firm’s 50 day moving average price is $39.35 and its 200 day moving average price is $38.82. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The firm has a market cap of $8.15 billion, a PE ratio of 20.72 and a beta of 1.17.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm’s revenue for the quarter was up 58.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 earnings per share. As a group, research analysts expect that Summit Materials will post 1.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Norden Group LLC increased its position in Summit Materials by 1,038.9% in the 1st quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock valued at $5,427,000 after acquiring an additional 111,069 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Summit Materials by 22.1% in the first quarter. Commonwealth Equity Services LLC now owns 45,935 shares of the construction company’s stock valued at $2,047,000 after purchasing an additional 8,313 shares in the last quarter. Diversify Advisory Services LLC bought a new position in Summit Materials in the 1st quarter worth approximately $404,000. BNP Paribas Financial Markets lifted its holdings in Summit Materials by 89.5% during the 1st quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock worth $3,995,000 after buying an additional 42,344 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in Summit Materials by 39.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 18,839 shares of the construction company’s stock valued at $840,000 after buying an additional 5,286 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.