Summit Materials’ (SUM) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Summit Materials (NYSE:SUM) in a report released on Monday morning, Marketbeat Ratings reports. They currently have a $52.50 target price on the construction company’s stock, down from their previous target price of $54.00.

Several other research analysts have also recently weighed in on SUM. Truist Financial upped their price target on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. reduced their price target on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Jefferies Financial Group reduced their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, DA Davidson upped their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Stock Up 0.5 %

Shares of NYSE SUM opened at $51.09 on Monday. The stock has a market cap of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14. The firm has a 50 day moving average price of $43.76 and a 200 day moving average price of $40.19. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data 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 firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.81 earnings per share. Analysts expect that Summit Materials will post 1.64 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SUM. Principal Financial Group Inc. raised its position in 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 in the last quarter. Ausbil Investment Management Ltd raised its position in 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 in the last quarter. Thrivent Financial for Lutherans raised its position in 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 in the last quarter. Comerica Bank raised its position in Summit Materials by 215.3% during the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after acquiring an additional 62,173 shares in the last quarter. Finally, Royce & Associates LP raised its position in Summit Materials by 5.7% during the third quarter. Royce & Associates LP now owns 369,869 shares of the construction company’s stock worth $14,436,000 after acquiring an additional 19,870 shares in the last quarter.

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.