Summit Materials (NYSE:SUM) Receives Hold Rating from Truist Financial

Summit Materials (NYSE:SUM)‘s stock had its “hold” rating reaffirmed by analysts at Truist Financial in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $52.50 target price on the construction company’s stock, down from their prior target price of $60.00. Truist Financial’s price target suggests a potential upside of 3.33% from the stock’s current price.

SUM has been the topic of a number of other research reports. Stephens reissued an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday. Morgan Stanley began coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. Finally, Citigroup reaffirmed a “neutral” rating and issued a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Summit Materials currently has a consensus rating of “Hold” and a consensus target price of $50.81.

Summit Materials Stock Up 0.1 %

Summit Materials stock traded up $0.06 during trading on Tuesday, reaching $50.81. The stock had a trading volume of 8,888,652 shares, compared to its average volume of 1,270,128. Summit Materials has a 52-week low of $34.38 and a 52-week high of $53.49. The business has a 50 day moving average price of $43.29 and a 200 day moving average price of $40.04. 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 stock has a market cap of $8.92 billion, a PE ratio of 61.96 and a beta of 1.14.

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

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently bought and sold shares of the business. Johnson Investment Counsel Inc. lifted its position in shares of Summit Materials by 5.8% in 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 in the last quarter. Assetmark Inc. raised its stake in shares of Summit Materials by 6.3% during the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after purchasing an additional 411 shares in the last quarter. Waycross Investment Management Co lifted 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 valued at $1,504,000 after acquiring an additional 412 shares during the last quarter. Xponance Inc. boosted its holdings in Summit Materials by 6.2% in the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after purchasing an additional 448 shares in the last quarter. Finally, Toth Financial Advisory Corp raised its stake in shares of Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 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.