JPMorgan Chase & Co. Reaffirms Neutral Rating for Summit Materials (NYSE:SUM)

JPMorgan Chase & Co. reissued their neutral rating on shares of Summit Materials (NYSE:SUM) in a report issued on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has a $52.50 target price on the construction company’s stock, up from their previous target price of $43.00.

A number of other analysts also recently issued reports on SUM. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Morgan Stanley began coverage on Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Citigroup lowered their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Stephens reaffirmed an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, Truist Financial lifted their price target on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Summit Materials currently has an average rating of “Moderate Buy” and an average price target of $51.00.

Summit Materials Stock Performance

SUM opened at $50.75 on Monday. The business’s 50-day moving average price is $43.29 and its two-hundred day moving average price is $40.04. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49. The company has a market capitalization of $8.91 billion, a price-to-earnings ratio of 61.89 and a beta of 1.14. 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 released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (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 the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 earnings per share. Equities analysts expect that Summit Materials will post 1.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

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