Summit Materials (NYSE:SUM) Rating Increased to Overweight at Barclays

Summit Materials (NYSE:SUM) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $52.00 price objective on the construction company’s stock, up from their previous price objective of $45.00. Barclays‘s target price points to a potential upside of 12.02% from the stock’s previous close.

Several other brokerages have also recently weighed in on SUM. Jefferies Financial Group decreased their price target 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. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Citigroup reduced their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lowered their target price on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Finally, Morgan Stanley began coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Summit Materials presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.42.

Summit Materials Stock Performance

Shares of SUM stock opened at $46.42 on Tuesday. The company has a market capitalization of $8.15 billion, a P/E ratio of 20.72 and a beta of 1.17. Summit Materials has a 52 week low of $32.32 and a 52 week high of $46.97. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The company’s 50 day moving average price is $39.35 and its two-hundred day moving average price is $38.82.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the firm earned $0.71 earnings per share. Summit Materials’s revenue for the quarter was up 58.1% compared to the same quarter last year. On average, analysts expect that Summit Materials will post 1.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. River Road Asset Management LLC grew its position in Summit Materials by 15.9% during 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 buying an additional 488,688 shares in the last quarter. Innealta Capital LLC lifted its position in shares of Summit Materials by 47,036.4% during the 3rd quarter. Innealta Capital LLC now owns 5,185 shares of the construction company’s stock valued at $202,000 after acquiring an additional 5,174 shares during the period. Harvey Capital Management Inc. lifted its position in shares of Summit Materials by 21.1% during the 3rd quarter. Harvey Capital Management Inc. now owns 49,048 shares of the construction company’s stock valued at $1,914,000 after acquiring an additional 8,550 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Summit Materials by 275.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after purchasing an additional 951 shares in the last quarter. Finally, Congress Asset Management Co. increased its position in shares of Summit Materials by 9.4% in the third quarter. Congress Asset Management Co. now owns 509,409 shares of the construction company’s stock worth $19,882,000 after purchasing an additional 43,582 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.