Summit Materials (NYSE:SUM) Price Target Raised to $54.00 at Royal Bank of Canada

Summit Materials (NYSE:SUM) had its target price hoisted by equities researchers at Royal Bank of Canada from $53.00 to $54.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 13.02% from the stock’s current price.

SUM has been the subject of several other reports. Morgan Stanley started coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. Loop Capital boosted their price objective on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday. Citigroup lowered their price objective 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 reissued a “neutral” rating and set a $41.00 price objective on shares of Summit Materials in a report on Tuesday, October 15th. Finally, Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $45.00 to $52.00 in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.92.

Summit Materials Price Performance

Shares of SUM traded up $0.37 during trading hours on Friday, reaching $47.78. 687,704 shares of the company traded hands, compared to its average volume of 1,047,984. Summit Materials has a fifty-two week low of $32.32 and a fifty-two week high of $48.22. The stock has a fifty day simple moving average of $39.52 and a 200 day simple moving average of $38.88. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $8.39 billion, a PE ratio of 58.18 and a beta of 1.17.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 7.30%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the company earned $0.81 earnings per share. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. As a group, research analysts predict that Summit Materials will post 1.59 EPS for the current fiscal year.

Institutional Trading of Summit Materials

A number of institutional investors have recently modified their holdings of SUM. Johnson Investment Counsel Inc. increased its position in shares of Summit Materials by 5.8% during the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after acquiring an additional 327 shares in the last quarter. Waycross Investment Management Co raised its stake in Summit Materials by 1.0% in the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after buying an additional 412 shares in the last quarter. Xponance Inc. boosted its holdings in shares of Summit Materials by 6.2% in the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after buying an additional 448 shares in the last quarter. InterOcean Capital Group LLC grew its position in Summit Materials by 4.5% during the 1st quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock worth $472,000 after purchasing an additional 455 shares during the last quarter. Finally, Toth Financial Advisory Corp raised its position in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares during the last quarter.

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.