Summit Materials (NYSE:SUM) PT Raised to $49.00

Summit Materials (NYSE:SUM) had its target price lifted by equities researchers at The Goldman Sachs Group from $43.00 to $49.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the construction company’s stock. The Goldman Sachs Group’s target price points to a potential upside of 18.82% from the company’s previous close.

SUM has been the subject of a number of other reports. Barclays raised their price objective on Summit Materials from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday. JPMorgan Chase & Co. started coverage on Summit Materials in a research report on Friday, February 23rd. They set an “overweight” rating and a $47.00 price objective for the company. Truist Financial raised their price objective on Summit Materials from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday. Royal Bank of Canada lifted their target price on Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a report on Thursday. Finally, Stephens reiterated an “overweight” rating and issued a $45.00 target price on shares of Summit Materials in a report on Tuesday, February 13th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.09.

Summit Materials Price Performance

NYSE:SUM traded up $0.42 during trading hours on Thursday, hitting $41.24. The company’s stock had a trading volume of 1,117,566 shares, compared to its average volume of 1,047,292. The stock has a fifty day simple moving average of $39.12 and a 200-day simple moving average of $36.11. The company has a market capitalization of $7.19 billion, a P/E ratio of 17.33 and a beta of 1.32. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. Summit Materials has a twelve month low of $25.43 and a twelve month high of $44.42.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, February 14th. The construction company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.27 by $0.04. The firm had revenue of $613.13 million during the quarter, compared to the consensus estimate of $560.90 million. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. On average, analysts anticipate that Summit Materials will post 2.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SUM. Pinebridge Investments L.P. raised its position in Summit Materials by 37.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 1,015 shares of the construction company’s stock valued at $38,000 after purchasing an additional 274 shares during the last quarter. Signaturefd LLC raised its position in Summit Materials by 110.3% during the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares during the last quarter. Janney Capital Management LLC raised its position in Summit Materials by 2.7% during the 3rd quarter. Janney Capital Management LLC now owns 13,160 shares of the construction company’s stock valued at $410,000 after purchasing an additional 350 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of Summit Materials by 1.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 22,577 shares of the construction company’s stock worth $641,000 after acquiring an additional 377 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its position in shares of Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after acquiring an additional 382 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.