Summit Materials (NYSE:SUM) PT Lowered to $46.00

Summit Materials (NYSE:SUM) had its price target trimmed by Citigroup from $47.00 to $46.00 in a research note published on Wednesday, Benzinga reports. The firm currently has a buy rating on the construction company’s stock.

A number of other equities research analysts also recently issued reports on the company. Stephens restated an overweight rating and set a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Morgan Stanley began coverage on Summit Materials in a research report on Monday, August 26th. They set an overweight rating and a $51.00 price objective on the stock. Stifel Nicolaus decreased their price objective on Summit Materials from $55.00 to $47.00 and set a buy rating on the stock in a research report on Wednesday, July 3rd. Truist Financial decreased their price objective on Summit Materials from $53.00 to $47.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada restated a sector perform rating and set a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. One equities research 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, the company has a consensus rating of Moderate Buy and an average target price of $47.73.

Summit Materials Stock Performance

NYSE:SUM opened at $38.57 on Wednesday. The stock has a 50-day simple moving average of $38.29 and a two-hundred day simple moving average of $38.88. Summit Materials has a 52-week low of $30.83 and a 52-week high of $44.89. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The firm has a market capitalization of $6.77 billion, a PE ratio of 18.02 and a beta of 1.17.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The business’s quarterly revenue was up 58.1% compared to the same quarter last year. Analysts forecast that Summit Materials will post 1.67 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SUM. Hood River Capital Management LLC purchased a new position in Summit Materials during the 1st quarter worth $33,206,000. Massachusetts Financial Services Co. MA increased its holdings 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 purchasing an additional 448,922 shares during the period. Interval Partners LP purchased a new position in Summit Materials during the 1st quarter worth $18,051,000. Millennium Management LLC increased 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 purchasing an additional 399,072 shares during the period. Finally, Troluce Capital Advisors LLC purchased a new position in Summit Materials during the 2nd quarter worth $10,983,000.

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.