Summit Materials’ (SUM) Hold Rating Reiterated at Loop Capital

Loop Capital reissued their hold rating on shares of Summit Materials (NYSE:SUM) in a report issued on Tuesday, MarketBeat Ratings reports. The firm currently has a $52.50 price target on the construction company’s stock, down from their prior price target of $54.00.

A number of other brokerages have also commented on SUM. Morgan Stanley assumed coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock. Truist Financial lifted their price objective on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. DA Davidson increased their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. StockNews.com cut Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Finally, Jefferies Financial Group cut their target price on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Materials has a consensus rating of “Hold” and a consensus price target of $50.81.

Summit Materials Stock Up 0.5 %

Shares of NYSE SUM opened at $51.09 on Tuesday. The company has a market cap of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14. The firm has a 50-day simple moving average of $43.98 and a two-hundred day simple moving average of $40.26. Summit Materials has a 1 year low of $34.38 and a 1 year 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 results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. Summit Materials’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. Research analysts anticipate that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Trading of Summit Materials

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in shares of Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares during the period. Ausbil Investment Management Ltd raised its position in Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after buying an additional 18,706 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Summit Materials by 3.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after buying an additional 27,225 shares during the last quarter. Comerica Bank lifted its stake in Summit Materials by 215.3% during the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after acquiring an additional 62,173 shares during the period. Finally, Royce & Associates LP boosted its holdings in shares of Summit Materials by 5.7% in the 3rd quarter. Royce & Associates LP now owns 369,869 shares of the construction company’s stock valued at $14,436,000 after acquiring an additional 19,870 shares during the last quarter.

Summit Materials Company Profile

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.