Truist Financial Raises Summit Materials (NYSE:SUM) Price Target to $50.00

Summit Materials (NYSE:SUM) had its price objective boosted by Truist Financial from $46.00 to $50.00 in a report released on Friday morning, Benzinga reports. The firm currently has a buy rating on the construction company’s stock.

Several other research analysts have also commented on the company. Stephens reiterated an overweight rating and set a $45.00 price target on shares of Summit Materials in a report on Tuesday, February 13th. Royal Bank of Canada restated a sector perform rating and issued a $38.00 price objective on shares of Summit Materials in a report on Tuesday, February 13th. Finally, JPMorgan Chase & Co. began coverage on shares of Summit Materials in a report on Friday, February 23rd. They set an overweight rating and a $47.00 target price on the stock. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $45.09.

Summit Materials Stock Performance

NYSE SUM traded up $0.42 during mid-day trading on Friday, reaching $41.24. 1,117,566 shares of the stock were exchanged, compared to its average volume of 1,047,292. The business’s 50 day moving average is $39.12 and its 200-day moving average is $36.11. The company has a debt-to-equity ratio of 0.99, a quick ratio of 4.62 and a current ratio of 5.36. Summit Materials has a 1 year low of $25.43 and a 1 year high of $44.42. The company has a market capitalization of $7.19 billion, a P/E ratio of 17.33 and a beta of 1.32.

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

Hedge Funds Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently made changes to their positions in SUM. Vanguard Group Inc. boosted its stake in shares of Summit Materials by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock valued at $460,688,000 after buying an additional 53,079 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Summit Materials during the fourth quarter worth approximately $1,434,000. Townsquare Capital LLC raised its position in shares of Summit Materials by 5.4% in the 4th quarter. Townsquare Capital LLC now owns 53,562 shares of the construction company’s stock worth $2,060,000 after buying an additional 2,743 shares during the period. Legal & General Group Plc raised its holdings in Summit Materials by 4.6% in the fourth quarter. Legal & General Group Plc now owns 114,980 shares of the construction company’s stock valued at $4,422,000 after buying an additional 5,011 shares during the period. Finally, Barclays PLC raised its position in Summit Materials by 170.4% in the fourth quarter. Barclays PLC now owns 274,265 shares of the construction company’s stock valued at $10,549,000 after purchasing an additional 172,825 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.