Summit Materials (NYSE:SUM) Lifted to Overweight at Barclays

Summit Materials (NYSE:SUM) was upgraded by Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Tuesday, MarketBeat.com reports. The firm presently has a $52.00 price objective on the construction company’s stock, up from their previous price objective of $45.00. Barclays‘s price target indicates a potential upside of 13.96% from the company’s current price.

SUM has been the subject of several other reports. Stifel Nicolaus decreased their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. DA Davidson reaffirmed a “neutral” rating and set a $41.00 price target on shares of Summit Materials in a research report on Tuesday, October 15th. JPMorgan Chase & Co. lowered their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Stephens reissued an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, Truist Financial cut their target price on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.42.

Summit Materials Stock Performance

SUM stock opened at $45.63 on Tuesday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The business’s 50-day moving average price is $39.06 and its two-hundred day moving average price is $38.73. Summit Materials has a 1-year low of $31.67 and a 1-year high of $46.40. The firm has a market cap of $8.01 billion, a PE ratio of 20.37 and a beta of 1.17.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm’s quarterly revenue was up 58.1% on a year-over-year basis. During the same period last year, the business posted $0.71 earnings per share. As a group, research analysts forecast that Summit Materials will post 1.63 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently bought and sold shares of the business. Norden Group LLC lifted its position in shares of Summit Materials by 1,038.9% during the 1st 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. increased its holdings 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 period. Ausbil Investment Management Ltd increased its holdings in Summit Materials by 355.8% in the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after buying an additional 18,706 shares during the period. Sei Investments Co. raised its position in shares of Summit Materials by 20.7% in the 1st quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock valued at $20,331,000 after buying an additional 78,111 shares in the last quarter. Finally, Comerica Bank lifted its holdings in shares of Summit Materials by 215.3% during the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after acquiring an additional 62,173 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.