Summit Materials (SUM) – Investment Analysts’ Weekly Ratings Changes

Summit Materials (NYSE: SUM) recently received a number of ratings updates from brokerages and research firms:

• 10/15/2024 – Summit Materials had its “neutral” rating reaffirmed by analysts at DA Davidson. They now have a $41.00 price target on the stock.
• 10/9/2024 – Summit Materials had its price target lowered by analysts at JPMorgan Chase & Co. from $47.00 to $43.00. They now have an “overweight” rating on the stock.
• 10/9/2024 – Summit Materials had its price target lowered by analysts at Jefferies Financial Group Inc. from $58.00 to $56.00. They now have a “buy” rating on the stock.
• 10/9/2024 – Summit Materials had its price target lowered by analysts at Citigroup Inc. from $47.00 to $46.00. They now have a “buy” rating on the stock.
• 8/26/2024 – Summit Materials is now covered by analysts at Morgan Stanley. They set an “overweight” rating and a $51.00 price target on the stock.

Summit Materials Trading Up 2.8 %

Shares of Summit Materials stock traded up $1.11 during trading on Wednesday, hitting $40.65. The company’s stock had a trading volume of 929,181 shares, compared to its average volume of 969,679. The stock has a market cap of $7.14 billion, a price-to-earnings ratio of 19.00 and a beta of 1.17. Summit Materials, Inc. has a 52 week low of $30.83 and a 52 week high of $44.89. The stock has a 50-day moving average price of $38.36 and a two-hundred day moving average price of $38.74. 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 (NYSE:SUM) last released 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 business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm posted $0.71 EPS. The company’s revenue for the quarter was up 58.1% compared to the same quarter last year. Equities research analysts anticipate that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Institutional Trading of Summit Materials

Hedge funds have recently modified their holdings of the stock. Norden Group LLC grew its stake in Summit Materials by 1,038.9% in the first quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock valued at $5,427,000 after acquiring an additional 111,069 shares during the period. Vanguard Group Inc. raised its holdings 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 worth $545,561,000 after buying an additional 262,179 shares during the last quarter. Congress Asset Management Co. MA lifted its stake in shares of Summit Materials by 9.2% in the first quarter. Congress Asset Management Co. MA now owns 427,672 shares of the construction company’s stock valued at $19,061,000 after buying an additional 36,004 shares in the last quarter. Nomura Holdings Inc. grew its holdings in shares of Summit Materials by 81.4% during the fourth quarter. Nomura Holdings Inc. now owns 49,782 shares of the construction company’s stock valued at $1,915,000 after buying an additional 22,341 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of 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 acquiring an additional 78,111 shares in the last quarter.

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.