JPMorgan Chase & Co. Lowers Summit Materials (NYSE:SUM) Price Target to $43.00

Summit Materials (NYSE:SUM) had its target price cut by investment analysts at JPMorgan Chase & Co. from $47.00 to $43.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 13.73% from the stock’s current price.

SUM has been the topic of a number of other reports. Truist Financial decreased their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price target on shares of Summit Materials in a report on Wednesday, August 7th. Stifel Nicolaus cut their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Stephens reaffirmed an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. Finally, Morgan Stanley initiated coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.73.

Summit Materials Stock Down 0.3 %

SUM stock opened at $37.81 on Wednesday. Summit Materials has a fifty-two week low of $30.83 and a fifty-two week high of $44.89. The stock has a fifty day moving average of $38.35 and a 200-day moving average of $38.92. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 16.92 and a beta of 1.17. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the company posted $0.71 EPS. Summit Materials’s revenue was up 58.1% compared to the same quarter last year. As a group, equities research analysts predict that Summit Materials will post 1.67 earnings per share for the current year.

Institutional Trading of Summit Materials

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC bought a new stake in shares of Summit Materials in the 2nd quarter worth approximately $40,000. Register Financial Advisors LLC purchased a new stake in Summit Materials during the first quarter valued at about $45,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Summit Materials during the first quarter valued at about $102,000. Fidelis Capital Partners LLC purchased a new position in shares of Summit Materials in the first quarter worth about $143,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Summit Materials in the second quarter worth about $154,000.

Summit Materials Company Profile

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.