Summit Materials, Inc. (NYSE:SUM) Given Consensus Rating of “Moderate Buy” by Brokerages

Summit Materials, Inc. (NYSE:SUM) has been assigned a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $47.00.

Several brokerages have recently commented on SUM. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Wednesday, May 15th. Stifel Nicolaus decreased their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Citigroup lifted their price objective on shares of Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Truist Financial decreased their price objective on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th.

Summit Materials Trading Up 3.3 %

Shares of NYSE:SUM opened at $39.65 on Friday. Summit Materials has a 52-week low of $29.98 and a 52-week high of $44.89. The company has a market capitalization of $6.96 billion, a P/E ratio of 17.70 and a beta of 1.15. The company has a 50-day simple moving average of $37.78 and a 200 day simple moving average of $39.55. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the business posted $0.71 earnings per share. The business’s revenue for the quarter was up 58.1% compared to the same quarter last year. Sell-side analysts forecast that Summit Materials will post 1.75 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently modified their holdings of the business. Signaturefd LLC lifted its holdings in shares of Summit Materials by 110.3% during the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock worth $25,000 after purchasing an additional 343 shares during the period. Parallel Advisors LLC lifted 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 valued at $29,000 after buying an additional 399 shares during the period. Quest Partners LLC acquired a new position in Summit Materials in the second quarter valued at $40,000. Register Financial Advisors LLC acquired a new position in Summit Materials in the first quarter valued at $45,000. Finally, Quadrant Capital Group LLC lifted its holdings in Summit Materials by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after buying an additional 382 shares during the period.

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.