Summit Materials (NYSE:SUM) Reaches New 1-Year High on Analyst Upgrade

Summit Materials, Inc. (NYSE:SUM)’s stock price reached a new 52-week high during mid-day trading on Wednesday after StockNews.com upgraded the stock from a sell rating to a hold rating. The stock traded as high as $51.68 and last traded at $51.47, with a volume of 4305 shares traded. The stock had previously closed at $47.42.

SUM has been the subject of a number of other reports. Jefferies Financial Group dropped their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Royal Bank of Canada boosted their target price on Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Truist Financial lifted their price objective on shares of Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Stephens reaffirmed an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $50.38.

Institutional Trading of Summit Materials

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after buying an additional 262,179 shares during the last quarter. Ausbil Investment Management Ltd lifted its position in shares of Summit Materials by 355.8% in the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after purchasing an additional 18,706 shares in the last quarter. Sei Investments Co. boosted its holdings in Summit Materials by 20.7% during the first quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock worth $20,331,000 after purchasing an additional 78,111 shares during the last quarter. Comerica Bank grew its position in Summit Materials by 215.3% in the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after purchasing an additional 62,173 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Summit Materials by 89.5% during the 1st quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock worth $3,995,000 after buying an additional 42,344 shares in the last quarter.

Summit Materials Price Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company has a fifty day moving average price of $39.96 and a two-hundred day moving average price of $39.05. The company has a market cap of $8.78 billion, a P/E ratio of 57.83 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. On average, sell-side analysts anticipate that Summit Materials, Inc. will post 1.6 earnings per share for the current fiscal year.

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.