Summit Materials (NYSE:SUM) PT Raised to $44.00

Summit Materials (NYSE:SUM) had its target price increased by Royal Bank of Canada from $39.00 to $44.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a sector perform rating on the construction company’s stock.

SUM has been the subject of a number of other reports. Stephens reissued an overweight rating and issued a $45.00 target price on shares of Summit Materials in a report on Tuesday, February 13th. Truist Financial boosted their target price on Summit Materials from $46.00 to $50.00 and gave the company a buy rating in a research report on Friday. Finally, JPMorgan Chase & Co. began coverage on Summit Materials in a report on Friday, February 23rd. They set an overweight rating and a $47.00 price objective for the company. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $45.09.

Summit Materials Price Performance

NYSE SUM traded up $0.42 on Thursday, reaching $41.24. 1,117,566 shares of the company’s stock traded hands, compared to its average volume of 1,047,292. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. The stock has a 50-day simple moving average of $39.12 and a 200 day simple moving average of $36.11. The stock has a market cap of $7.19 billion, a PE ratio of 17.33 and a beta of 1.32. Summit Materials has a 12 month low of $25.43 and a 12 month high of $44.42.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.04. The firm had revenue of $613.13 million during the quarter, compared to analysts’ expectations of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 earnings per share. As a group, research analysts predict that Summit Materials will post 2.42 earnings per share for the current year.

Institutional Trading of Summit Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC increased its stake in Summit Materials by 110.3% in the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after acquiring an additional 399 shares during the last quarter. BluePath Capital Management LLC acquired a new position in shares of Summit Materials in the 3rd quarter valued at $32,000. Benjamin Edwards Inc. raised its position in shares of Summit Materials by 81.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 939 shares of the construction company’s stock worth $36,000 after buying an additional 421 shares during the period. Finally, Pinebridge Investments L.P. grew its position in Summit Materials by 37.0% during the second quarter. Pinebridge Investments L.P. now owns 1,015 shares of the construction company’s stock valued at $38,000 after acquiring an additional 274 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.