Summit Materials, Inc. (NYSE:SUM) Receives $50.54 Consensus PT from Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have received an average rating of “Hold” from the fourteen analysts that are currently covering the company, Marketbeat reports. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $50.54.

Several equities research analysts recently issued reports on SUM shares. Royal Bank of Canada reiterated 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, November 25th. Truist Financial reiterated a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup restated a “neutral” rating and issued a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Finally, Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday.

Insider Activity

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the sale, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.55% of the stock is owned by corporate insiders.

Institutional Trading of Summit Materials

A number of institutional investors and hedge funds have recently bought and sold shares of SUM. Franklin Resources Inc. acquired a new stake in shares of Summit Materials in the third quarter valued at about $7,359,000. Principal Financial Group Inc. boosted its holdings in Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares during the last quarter. Ausbil Investment Management Ltd increased its position in Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after purchasing an additional 18,706 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Summit Materials by 3.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock worth $11,230,000 after purchasing an additional 10,463 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Summit Materials by 3.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after purchasing an additional 27,225 shares during the period.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $52.10 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The firm has a market cap of $9.15 billion, a price-to-earnings ratio of 63.54 and a beta of 1.14. The stock’s fifty day moving average price is $50.41 and its two-hundred day moving average price is $42.95. Summit Materials has a one year low of $34.38 and a one year high of $53.49.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period last year, the firm earned $0.81 earnings per share. On average, equities analysts forecast that Summit Materials will post 1.66 EPS for the current year.

Summit Materials Company Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.