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

Summit Materials (NYSE:SUM) had its target price boosted by Truist Financial from $46.00 to $50.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Truist Financial’s target price points to a potential upside of 21.24% from the stock’s current price.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. began coverage on Summit Materials in a report on Friday, February 23rd. They set an “overweight” rating and a $47.00 price target on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $38.00 price objective on shares of Summit Materials in a research report on Tuesday, February 13th. Finally, Stephens restated an “overweight” rating and issued a $45.00 price objective on shares of Summit Materials in a research 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. Based on data from MarketBeat.com, Summit Materials has an average rating of “Moderate Buy” and an average target price of $45.09.

Summit Materials Stock Performance

Shares of SUM stock traded up $0.42 during mid-day trading on Friday, hitting $41.24. 1,117,566 shares of the stock were exchanged, compared to its average volume of 1,047,292. The stock’s fifty day simple moving average is $39.12 and its two-hundred day simple moving average is $36.11. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of 17.33 and a beta of 1.32. Summit Materials has a 12-month low of $25.43 and a 12-month high of $44.42. 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 (NYSE:SUM) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The firm had revenue of $613.13 million for the quarter, compared to analyst estimates of $560.90 million. During the same quarter last year, the company posted $0.32 earnings per share. The business’s revenue was up 19.8% on a year-over-year basis. On average, analysts forecast that Summit Materials will post 2.42 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Summit Materials by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock worth $460,688,000 after acquiring an additional 53,079 shares during the period. BlackRock Inc. grew its stake in shares of Summit Materials by 5.3% during the 2nd quarter. BlackRock Inc. now owns 9,616,329 shares of the construction company’s stock valued at $363,978,000 after buying an additional 485,086 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Summit Materials by 2.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,028,677 shares of the construction company’s stock valued at $256,324,000 after buying an additional 208,355 shares during the period. Capital International Investors grew its stake in shares of Summit Materials by 8.1% during the 1st quarter. Capital International Investors now owns 6,903,885 shares of the construction company’s stock valued at $214,435,000 after buying an additional 519,296 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Summit Materials by 20.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after buying an additional 1,137,500 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.