Truist Financial Raises Summit Materials (NYSE:SUM) Price Target to $60.00

Summit Materials (NYSE:SUM) had its price objective increased by research analysts at Truist Financial from $47.00 to $60.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Truist Financial’s price objective suggests a potential upside of 25.44% from the stock’s previous close.

Several other research firms have also recently weighed in on SUM. Royal Bank of Canada raised Summit Materials from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $53.00 in a research report on Friday, October 25th. Jefferies Financial Group cut their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Citigroup lowered their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. JPMorgan Chase & Co. cut their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Finally, Morgan Stanley assumed coverage on shares of Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.92.

Summit Materials Stock Up 0.9 %

SUM opened at $47.83 on Friday. Summit Materials has a twelve month low of $32.32 and a twelve month high of $48.22. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The business has a 50 day moving average price of $39.67 and a 200 day moving average price of $38.93. The firm has a market cap of $8.40 billion, a P/E ratio of 58.33 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 7.30%. Summit Materials’s revenue was up 49.9% compared to the same quarter last year. During the same period last year, the business posted $0.81 EPS. Research analysts forecast that Summit Materials will post 1.59 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SUM. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials in the 3rd quarter valued at approximately $27,000. Toth Financial Advisory Corp boosted its stake in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. International Assets Investment Management LLC grew its position in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares during the period. Quest Partners LLC acquired a new position in Summit Materials during the second quarter worth $40,000. Finally, Farther Finance Advisors LLC raised its stake in Summit Materials by 275.7% during the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after acquiring an additional 951 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.