Summit Materials, Inc. (NYSE:SUM) Receives $47.40 Consensus Target Price from Analysts

Summit Materials, Inc. (NYSE:SUM) has received an average recommendation of “Moderate Buy” from the eleven research firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $47.40.

SUM has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 target price on shares of Summit Materials in a report on Wednesday, August 7th. Stifel Nicolaus dropped their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Truist Financial reduced their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Citigroup upped their target price on shares of Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th.

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently made changes to their positions in the company. Johnson Investment Counsel Inc. boosted its stake in shares of Summit Materials by 5.8% during the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after purchasing an additional 327 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after acquiring an additional 399 shares in the last quarter. Waycross Investment Management Co boosted its stake in Summit Materials by 1.0% in the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after purchasing an additional 412 shares in the last quarter. Xponance Inc. raised its holdings in shares of Summit Materials by 6.2% in the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after buying an additional 448 shares during the last quarter. Finally, InterOcean Capital Group LLC grew its holdings in shares of Summit Materials by 4.5% during the first quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock valued at $472,000 after buying an additional 455 shares during the last quarter.

Summit Materials Stock Down 1.3 %

SUM opened at $37.31 on Monday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. Summit Materials has a twelve month low of $30.81 and a twelve month high of $44.89. The stock has a market capitalization of $6.55 billion, a price-to-earnings ratio of 16.66 and a beta of 1.18. The firm has a 50 day moving average price of $38.67 and a 200-day moving average price of $39.11.

Summit Materials (NYSE:SUM) last announced its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm’s revenue was up 58.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.71 earnings per share. Equities research analysts forecast that Summit Materials will post 1.67 earnings per share for the current year.

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.