Royal Bank of Canada Reaffirms Sector Perform Rating for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM)‘s stock had its “sector perform” rating reissued by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $52.50 price target on the construction company’s stock, down from their previous price target of $54.00. Royal Bank of Canada’s price objective would indicate a potential upside of 3.25% from the stock’s current price.

SUM has been the topic of several other reports. Jefferies Financial Group decreased their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Citigroup decreased 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 note on Wednesday, October 9th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Loop Capital upped their price target on shares of Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, DA Davidson upped their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Summit Materials has a consensus rating of “Hold” and a consensus price target of $50.81.

Summit Materials Price Performance

Shares of SUM opened at $50.85 on Monday. The firm has a market capitalization of $8.93 billion, a PE ratio of 62.01 and a beta of 1.14. The company’s 50-day moving average is $43.52 and its 200-day moving average is $40.11. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 earnings per share. Equities analysts forecast that Summit Materials will post 1.64 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SUM. River Road Asset Management LLC lifted its holdings in shares of Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after acquiring an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after acquiring an additional 313,957 shares during the last quarter. Finally, Troluce Capital Advisors LLC bought a new position in shares of Summit Materials in the second quarter worth about $10,983,000.

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.