Summit Materials (NYSE:SUM) Sets New 52-Week High – Time to Buy?

Summit Materials, Inc. (NYSE:SUM)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $46.03 and last traded at $43.41, with a volume of 3521262 shares trading hands. The stock had previously closed at $40.62.

Analyst Ratings Changes

SUM has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Citigroup lowered their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. DA Davidson restated a “neutral” rating and issued a $41.00 price objective on shares of Summit Materials in a research report on Tuesday, October 15th. Stifel Nicolaus lowered their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.17.

Summit Materials Price Performance

The stock’s 50-day simple moving average is $38.73 and its two-hundred day simple moving average is $38.70. The company has a market capitalization of $7.56 billion, a price-to-earnings ratio of 20.51 and a beta of 1.17. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

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 the consensus estimate of $0.61 by $0.05. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm’s revenue was up 58.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.71 earnings per share. Equities research analysts predict that Summit Materials, Inc. will post 1.63 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Mount Yale Investment Advisors LLC boosted its position in Summit Materials by 19.6% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 7,452 shares of the construction company’s stock valued at $291,000 after buying an additional 1,223 shares during the last quarter. Ausbil Investment Management Ltd lifted its holdings in 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 acquiring an additional 18,706 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after acquiring an additional 913 shares during the last quarter. Toth Financial Advisory Corp lifted its holdings in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares during the last quarter. Finally, Raymond James & Associates increased its stake in shares of Summit Materials by 11.0% in the third quarter. Raymond James & Associates now owns 298,733 shares of the construction company’s stock valued at $11,660,000 after purchasing an additional 29,501 shares during the period.

About Summit Materials

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.