Summit Materials, Inc. (NYSE:SUM) Receives $50.38 Average PT from Brokerages

Shares of Summit Materials, Inc. (NYSE:SUM) have been given an average rating of “Moderate Buy” by the thirteen analysts that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $51.00.

A number of research firms recently issued reports on SUM. Morgan Stanley began coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a research report on Monday. Citigroup cut their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 price target (up from $43.00) on shares of Summit Materials in a report on Monday.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $50.75 on Tuesday. The firm has a market capitalization of $8.91 billion, a PE ratio of 61.89 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $43.29 and a two-hundred day moving average price of $40.04. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same period last year, the firm earned $0.81 EPS. Equities analysts forecast that Summit Materials will post 1.64 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

A number of large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Summit Materials in the 3rd quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials in the 3rd quarter worth approximately $28,000. Toth Financial Advisory Corp boosted its stake 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 buying an additional 500 shares in the last quarter. International Assets Investment Management LLC grew its position in Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in shares of Summit Materials during the second quarter worth approximately $40,000.

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.