Summit Materials’ (SUM) “Peer Perform” Rating Reiterated at Wolfe Research

Summit Materials (NYSE:SUM)‘s stock had its “peer perform” rating reiterated by analysts at Wolfe Research in a report released on Tuesday,Benzinga reports.

SUM has been the subject of a number of other reports. Stephens reissued an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a research note on Monday. Truist Financial reissued a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a research note on Tuesday. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target for the company. Finally, Citigroup reaffirmed a “neutral” rating and set a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.81.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $51.09 on Tuesday. The company has a market cap of $8.97 billion, a price-to-earnings ratio of 62.30 and a beta of 1.14. The company has a 50-day moving average price of $43.76 and a 200-day moving average price of $40.19. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials has a 12 month low of $34.38 and a 12 month high of $53.49.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. Summit Materials’s revenue was up 49.9% on a year-over-year basis. As a group, equities analysts anticipate that Summit Materials will post 1.64 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors have recently made changes to their positions in SUM. River Road Asset Management LLC grew its holdings in shares of 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 valued at $139,257,000 after buying an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after buying an additional 448,922 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after buying an additional 313,957 shares during the last quarter. Finally, Troluce Capital Advisors LLC purchased a new stake in shares of Summit Materials during the second quarter valued at approximately $10,983,000.

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.