Summit Materials (NYSE:SUM) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Summit Materials (NYSE:SUM) had its price target raised by research analysts at Royal Bank of Canada from $53.00 to $54.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the construction company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 12.90% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Jefferies Financial Group reduced their price target 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. DA Davidson reiterated a “neutral” rating and issued a $41.00 price target on shares of Summit Materials in a research note on Tuesday, October 15th. Stephens reiterated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Loop Capital raised their price objective on shares of Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a report on Friday. Finally, Citigroup lowered their target price on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.92.

Summit Materials Price Performance

Shares of SUM opened at $47.83 on Friday. The company has a market cap of $8.40 billion, a P/E ratio of 58.33 and a beta of 1.14. Summit Materials has a fifty-two week low of $32.32 and a fifty-two week high of $48.22. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The firm’s 50 day moving average price is $39.67 and its 200 day moving average price is $38.93.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data 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 7.30% and a net margin of 3.92%. The company’s revenue was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. On average, research analysts forecast that Summit Materials will post 1.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SUM. V Square Quantitative Management LLC purchased a new stake in Summit Materials in the third quarter valued at approximately $27,000. Toth Financial Advisory Corp raised its position in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the period. Quest Partners LLC purchased a new position in Summit Materials during the 2nd quarter worth $40,000. Finally, Farther Finance Advisors LLC increased its stake in Summit Materials by 275.7% in the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after purchasing an additional 951 shares during the period.

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.