Summit Materials (NYSE:SUM) Given Hold Rating at Loop Capital

Loop Capital reiterated their hold rating on shares of Summit Materials (NYSE:SUM) in a research note issued to investors on Tuesday morning, MarketBeat reports. They currently have a $52.50 price objective on the construction company’s stock, down from their prior price objective of $54.00.

Other research analysts have also issued research reports about the company. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Truist Financial increased their price target on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. Morgan Stanley began coverage on Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, DA Davidson upped their price target on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $50.81.

Summit Materials Price Performance

NYSE SUM opened at $50.94 on Tuesday. 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 firm has a market capitalization of $8.95 billion, a P/E ratio of 62.12 and a beta of 1.14. The company has a 50-day moving average price of $44.21 and a 200-day moving average price of $40.34. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) 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 analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 earnings per share. Equities research analysts anticipate that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Trading of Summit Materials

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Silvercrest Asset Management Group LLC increased its stake in Summit Materials by 38.9% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 147,375 shares of the construction company’s stock valued at $6,569,000 after buying an additional 41,281 shares during the period. Bayesian Capital Management LP purchased a new position in Summit Materials in the first quarter valued at about $726,000. Comerica Bank lifted its position in shares of Summit Materials by 215.3% during the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after acquiring an additional 62,173 shares during the period. American Trust boosted its position in shares of Summit Materials by 8.6% in the 1st quarter. American Trust now owns 7,026 shares of the construction company’s stock worth $313,000 after buying an additional 557 shares in the last quarter. Finally, First Hawaiian Bank grew its position in shares of Summit Materials by 4.8% in the second quarter. First Hawaiian Bank now owns 16,815 shares of the construction company’s stock valued at $616,000 after purchasing an additional 768 shares during 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.