Summit Materials (NYSE:SUM) Given New $53.00 Price Target at Truist Financial

Summit Materials (NYSE:SUM - Free Report) had its price objective boosted by Truist Financial from $50.00 to $53.00 in a report published on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the construction company's stock.

Other equities analysts have also issued research reports about the stock. Royal Bank of Canada upped their price target on shares of Summit Materials from $39.00 to $44.00 and gave the stock a sector perform rating in a research report on Thursday, March 14th. Barclays increased their target price on shares of Summit Materials from $40.00 to $45.00 and gave the company an equal weight rating in a research report on Thursday, March 14th. JPMorgan Chase & Co. began coverage on shares of Summit Materials in a research report on Friday, February 23rd. They issued an overweight rating and a $47.00 target price for the company. Stephens reiterated an overweight rating and issued a $45.00 target price on shares of Summit Materials in a research report on Tuesday, February 13th. Finally, The Goldman Sachs Group increased their target price on shares of Summit Materials from $43.00 to $49.00 and gave the company a neutral rating in a research report on Thursday, March 14th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $45.36.

Summit Materials Stock Performance

Shares of Summit Materials stock traded down $0.70 during trading on Tuesday, hitting $42.41. 765,364 shares of the stock were exchanged, compared to its average volume of 1,019,550. The stock's fifty day moving average is $40.73 and its 200 day moving average is $36.80. The stock has a market cap of $7.39 billion, a PE ratio of 17.82 and a beta of 1.32. 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 12 month low of $25.43 and a 12 month high of $44.89.

Summit Materials (NYSE:SUM - Get Free Report) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.27 by $0.04. The business had revenue of $613.13 million during the quarter, compared to analyst estimates of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The company's quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 earnings per share. As a group, sell-side analysts anticipate that Summit Materials will post 2.29 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently bought and sold shares of the business. Signaturefd LLC lifted its holdings in Summit Materials by 110.3% in the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company's stock valued at $25,000 after acquiring an additional 343 shares during the last quarter. Parallel Advisors LLC lifted its stake in Summit Materials by 113.7% during 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 in the last quarter. Benjamin Edwards Inc. lifted its stake in Summit Materials by 81.3% during the second quarter. Benjamin Edwards Inc. now owns 939 shares of the construction company's stock valued at $36,000 after buying an additional 421 shares in the last quarter. Pinebridge Investments L.P. lifted its stake in Summit Materials by 37.0% during the second quarter. Pinebridge Investments L.P. now owns 1,015 shares of the construction company's stock valued at $38,000 after buying an additional 274 shares in the last quarter. Finally, BluePath Capital Management LLC purchased a new stake in Summit Materials during the third quarter valued at about $32,000.

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.