Summit Materials’ (SUM) “Neutral” Rating Reaffirmed at Citigroup

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating restated by equities research analysts at Citigroup in a report issued on Tuesday,Benzinga reports. They currently have a $52.50 price target on the construction company’s stock, down from their prior price target of $55.00. Citigroup’s price target would indicate a potential upside of 3.45% from the company’s current price.

SUM has been the subject of several other reports. Loop Capital boosted their target price on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. DA Davidson raised their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Jefferies Financial Group decreased their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, StockNews.com lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Summit Materials currently has an average rating of “Hold” and a consensus target price of $51.38.

Summit Materials Stock Down 1.8 %

Shares of Summit Materials stock opened at $50.75 on Tuesday. The stock has a 50-day moving average price of $43.29 and a 200 day moving average price of $40.04. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a market cap of $8.91 billion, a P/E ratio of 61.89 and a beta of 1.14. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49.

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

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently added to or reduced their stakes in the company. River Road Asset Management LLC boosted its stake in Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after purchasing an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Summit Materials by 6.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after buying an additional 448,922 shares in the last quarter. Millennium Management LLC grew its holdings in Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after acquiring an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Summit Materials by 21.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after acquiring an additional 313,957 shares in the last quarter. Finally, Troluce Capital Advisors LLC bought a new position in shares of Summit Materials in the second quarter worth about $10,983,000.

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.