Summit Materials (NYSE:SUM) Given New $54.00 Price Target at Loop Capital

Summit Materials (NYSE:SUM) had its price target increased by Loop Capital from $49.00 to $54.00 in a research note released on Friday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

Several other research analysts also recently issued reports on SUM. Truist Financial lifted their price objective on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday. Citigroup lowered their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Morgan Stanley started coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Royal Bank of Canada upgraded Summit Materials from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $45.00 to $53.00 in a report on Friday, October 25th. Finally, Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $45.00 to $52.00 in a report on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven 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 target price of $49.92.

Summit Materials Stock Performance

Shares of SUM traded up $0.42 during midday trading on Friday, reaching $47.83. 1,387,720 shares of the stock were exchanged, compared to its average volume of 1,817,911. The business’s 50-day moving average price is $39.67 and its 200 day moving average price is $38.94. The company has a market capitalization of $8.40 billion, a price-to-earnings ratio of 58.33 and a beta of 1.14. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials has a twelve month low of $32.32 and a twelve month high of $48.22.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 7.30%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business earned $0.81 EPS. The business’s revenue was up 49.9% on a year-over-year basis. On average, sell-side analysts expect that Summit Materials will post 1.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Several large investors have recently made changes to their positions in SUM. Vanguard Group Inc. lifted its stake in Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Summit Materials by 0.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after purchasing an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA raised its position 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 worth $263,985,000 after purchasing an additional 448,922 shares during the period. Principal Financial Group Inc. lifted 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 valued at $206,445,000 after purchasing an additional 94,694 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Summit Materials by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after purchasing an additional 241,757 shares in the last quarter.

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.