Summit Materials (NYSE:SUM) Research Coverage Started at Morgan Stanley

Morgan Stanley began coverage on shares of Summit Materials (NYSE:SUM) in a report released on Monday morning, MarketBeat reports. The brokerage issued an overweight rating and a $51.00 price objective on the construction company’s stock.

Other research analysts have also recently issued research reports about the company. StockNews.com cut Summit Materials from a hold rating to a sell rating in a research note on Friday, May 3rd. Truist Financial reduced their price objective on Summit Materials from $53.00 to $47.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Stephens restated an overweight rating and set a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Citigroup boosted their price objective on Summit Materials from $44.00 to $47.00 and gave the stock a buy rating in a research note on Thursday, August 8th. Finally, Wolfe Research upgraded Summit Materials from a peer perform rating to an outperform rating and set a $49.00 price objective on the stock in a research note on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $47.40.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $39.14 on Monday. The company has a market cap of $6.87 billion, a P/E ratio of 17.47 and a beta of 1.15. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. Summit Materials has a 52 week low of $29.98 and a 52 week high of $44.89. The business has a fifty day simple moving average of $38.15 and a 200-day simple moving average of $39.70.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. The firm’s quarterly revenue was up 58.1% compared to the same quarter last year. Equities research analysts forecast that Summit Materials will post 1.73 EPS for the current year.

Institutional Trading of Summit Materials

Institutional investors and hedge funds have recently bought and sold shares of the company. Strs Ohio grew its position in shares of Summit Materials by 11.8% in the 4th quarter. Strs Ohio now owns 11,400 shares of the construction company’s stock worth $438,000 after acquiring an additional 1,200 shares in the last quarter. Signaturefd LLC boosted its holdings in Summit Materials by 110.3% in 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. Handelsbanken Fonder AB increased its stake in Summit Materials by 29.0% during the fourth quarter. Handelsbanken Fonder AB now owns 12,000 shares of the construction company’s stock valued at $462,000 after purchasing an additional 2,700 shares during the last quarter. Truist Financial Corp acquired a new stake in shares of Summit Materials during the fourth quarter worth $308,000. Finally, Amica Mutual Insurance Co. bought a new position in shares of Summit Materials in the 4th quarter worth about $1,240,000.

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.