Summit Materials (NYSE:SUM – Free Report) had its target price boosted by Royal Bank of Canada from $39.00 to $44.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a sector perform rating on the construction company’s stock.
SUM has been the subject of several other reports. JPMorgan Chase & Co. started coverage on Summit Materials in a research report on Friday, February 23rd. They issued an overweight rating and a $47.00 target price for the company. Truist Financial boosted their target price on shares of Summit Materials from $46.00 to $50.00 and gave the stock a buy rating in a report on Friday. Finally, Stephens reiterated an overweight rating and set a $45.00 price target on shares of Summit Materials in a report on Tuesday, February 13th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials presently has an average rating of Moderate Buy and a consensus price target of $45.09.
Read Our Latest Analysis on Summit Materials
Summit Materials Price Performance
Summit Materials (NYSE:SUM – Get Free Report) last issued its earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.04. The firm had revenue of $613.13 million for the quarter, compared to analyst estimates of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the business posted $0.32 earnings per share. Analysts expect that Summit Materials will post 2.42 EPS for the current year.
Institutional Investors Weigh In On Summit Materials
Large investors have recently added to or reduced their stakes in the business. Signaturefd LLC boosted its position in shares of Summit Materials by 110.3% during the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock worth $25,000 after purchasing an additional 343 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after acquiring an additional 399 shares in the last quarter. BluePath Capital Management LLC acquired a new stake in Summit Materials in the third quarter valued at approximately $32,000. Benjamin Edwards Inc. increased its holdings in shares of Summit Materials by 81.3% during the second quarter. Benjamin Edwards Inc. now owns 939 shares of the construction company’s stock valued at $36,000 after acquiring an additional 421 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its position in shares of Summit Materials by 37.0% during the second quarter. Pinebridge Investments L.P. now owns 1,015 shares of the construction company’s stock worth $38,000 after purchasing an additional 274 shares during the period.
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.
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