Summit Materials’ (SUM) Neutral Rating Reiterated at Longbow Research

Longbow Research reissued their neutral rating on shares of Summit Materials (NYSE:SUM) in a research report report published on Tuesday morning, Marketbeat Ratings reports.

Several other equities research analysts also recently weighed in on SUM. Jefferies Financial Group decreased their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Citigroup reaffirmed a “neutral” rating and set a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research report on Tuesday. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Morgan Stanley assumed coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Finally, StockNews.com cut shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Summit Materials currently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Trading Up 0.5 %

SUM opened at $51.09 on Tuesday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49. The business’s 50 day moving average is $43.98 and its two-hundred day moving average is $40.26. The firm has a market cap of $8.97 billion, a price-to-earnings ratio of 62.30 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 EPS. On average, research analysts predict that Summit Materials will post 1.64 EPS for the current year.

Institutional Trading of Summit Materials

Institutional investors and hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new position in Summit Materials in the 3rd quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Summit Materials during the 3rd quarter worth about $28,000. Toth Financial Advisory Corp grew its holdings in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after buying an additional 913 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Summit Materials in the second quarter valued at approximately $40,000.

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.