Summit Materials (NYSE:SUM) PT Lowered to $43.00 at JPMorgan Chase & Co.

Summit Materials (NYSE:SUM) had its price objective reduced by JPMorgan Chase & Co. from $47.00 to $43.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an overweight rating on the construction company’s stock.

Several other equities analysts have also recently commented on the stock. Morgan Stanley assumed coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an overweight rating and a $51.00 target price on the stock. Stifel Nicolaus dropped their target price on shares of Summit Materials from $55.00 to $47.00 and set a buy rating on the stock in a research report on Wednesday, July 3rd. Stephens reissued an overweight rating and set a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $45.00 price target on shares of Summit Materials in a report on Wednesday, August 7th. Finally, Truist Financial lowered their price target on shares of Summit Materials from $53.00 to $47.00 and set a buy rating on the stock in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $47.73.

Summit Materials Price Performance

SUM stock opened at $38.59 on Wednesday. The company has a market capitalization of $6.77 billion, a P/E ratio of 17.23 and a beta of 1.17. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. Summit Materials has a 52-week low of $30.83 and a 52-week high of $44.89. The business has a 50-day simple moving average of $38.29 and a two-hundred day simple moving average of $38.85.

Summit Materials (NYSE:SUM) last posted its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the firm earned $0.71 EPS. The company’s quarterly revenue was up 58.1% compared to the same quarter last year. Research analysts expect that Summit Materials will post 1.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Johnson Investment Counsel Inc. raised its holdings in Summit Materials by 5.8% during the 2nd 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 during the period. Waycross Investment Management Co grew its position in shares of Summit Materials by 1.0% during the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after purchasing an additional 412 shares in the last quarter. Xponance Inc. grew its position in shares of Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after purchasing an additional 448 shares in the last quarter. InterOcean Capital Group LLC grew its position in shares of Summit Materials by 4.5% during the 1st quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock valued at $472,000 after purchasing an additional 455 shares in the last quarter. Finally, American Trust grew its position in shares of Summit Materials by 8.6% during the 1st quarter. American Trust now owns 7,026 shares of the construction company’s stock valued at $313,000 after purchasing an additional 557 shares in the last quarter.

Summit Materials Company Profile

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.