Morgan Stanley Initiates Coverage on Summit Materials (NYSE:SUM)

Morgan Stanley started coverage on shares of Summit Materials (NYSE:SUM) in a research report sent to investors on Monday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $51.00 target price on the construction company’s stock.

A number of other brokerages have also commented on SUM. Stephens reiterated an overweight rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial cut their price target on shares of Summit Materials from $53.00 to $47.00 and set a buy rating on the stock in a report on Wednesday, August 7th. Stifel Nicolaus cut their price target on shares of Summit Materials from $55.00 to $47.00 and set a buy rating on the stock in a report on Wednesday, July 3rd. Royal Bank of Canada reiterated a sector perform rating and set a $45.00 price target on shares of Summit Materials in a report on Wednesday, August 7th. Finally, Wolfe Research upgraded shares of Summit Materials from a peer perform rating to an outperform rating and set a $49.00 price target on the stock in a report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $47.40.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $39.14 on Monday. Summit Materials has a fifty-two week low of $29.98 and a fifty-two week high of $44.89. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The firm has a market capitalization of $6.87 billion, a P/E ratio of 17.47 and a beta of 1.15. The company’s 50 day moving average price is $38.15 and its two-hundred day moving average price is $39.70.

Summit Materials (NYSE:SUM) last issued its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share 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 firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the business posted $0.71 earnings per share. The company’s quarterly revenue was up 58.1% on a year-over-year basis. On average, equities analysts forecast that Summit Materials will post 1.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Truist Financial Corp bought a new stake in Summit Materials in the second quarter valued at $314,000. Northwestern Mutual Wealth Management Co. increased its stake in Summit Materials by 16.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,717 shares of the construction company’s stock valued at $173,000 after purchasing an additional 680 shares in the last quarter. Algert Global LLC increased its stake in Summit Materials by 24.2% in the second quarter. Algert Global LLC now owns 121,634 shares of the construction company’s stock valued at $4,453,000 after purchasing an additional 23,699 shares in the last quarter. Select Equity Group L.P. increased its stake in Summit Materials by 36.8% in the second quarter. Select Equity Group L.P. now owns 75,125 shares of the construction company’s stock valued at $2,750,000 after purchasing an additional 20,228 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Summit Materials by 1.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,187,057 shares of the construction company’s stock valued at $43,458,000 after purchasing an additional 17,719 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.