Summit Materials (NYSE:SUM - Get Free Report) had its target price increased by equities researchers at Citigroup from $46.00 to $51.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the construction company's stock. Citigroup's target price would indicate a potential upside of 18.30% from the stock's current price.
SUM has been the topic of several other reports. Barclays raised their price objective on Summit Materials from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Thursday, March 14th. Stephens reaffirmed an "overweight" rating and issued a $45.00 price target on shares of Summit Materials in a research note on Tuesday, February 13th. The Goldman Sachs Group lifted their price target on Summit Materials from $43.00 to $49.00 and gave the stock a "neutral" rating in a research note on Thursday, March 14th. Truist Financial lifted their price target on Summit Materials from $50.00 to $53.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Royal Bank of Canada boosted their price objective on Summit Materials from $39.00 to $44.00 and gave the stock a "sector perform" rating in a research note on Thursday, March 14th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Summit Materials presently has an average rating of "Moderate Buy" and an average target price of $46.09.
View Our Latest Report on SUM
Summit Materials Stock Performance
SUM stock traded up $0.79 during trading on Friday, hitting $43.11. 750,372 shares of the company traded hands, compared to its average volume of 1,008,200. The stock's 50-day simple moving average is $41.01 and its 200 day simple moving average is $36.88. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. The company has a market cap of $7.51 billion, a PE ratio of 18.11 and a beta of 1.32. Summit Materials has a 1 year low of $25.43 and a 1 year high of $44.89.
Summit Materials (NYSE:SUM - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.04. The company had revenue of $613.13 million during the quarter, compared to analysts' expectations of $560.90 million. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. Summit Materials's quarterly revenue was up 19.8% on a year-over-year basis. During the same period last year, the business earned $0.32 earnings per share. On average, equities analysts expect that Summit Materials will post 2.28 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Summit Materials
Several institutional investors and hedge funds have recently modified their holdings of the company. First Hawaiian Bank purchased a new stake in shares of Summit Materials in the 1st quarter valued at $715,000. Nomura Holdings Inc. raised its holdings in shares of Summit Materials by 81.4% in the 4th quarter. Nomura Holdings Inc. now owns 49,782 shares of the construction company's stock valued at $1,915,000 after buying an additional 22,341 shares during the period. Vanguard Group Inc. raised its holdings in shares of Summit Materials by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company's stock valued at $460,688,000 after buying an additional 53,079 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Summit Materials in the 4th quarter valued at $1,434,000. Finally, Townsquare Capital LLC raised its holdings in shares of Summit Materials by 5.4% in the 4th quarter. Townsquare Capital LLC now owns 53,562 shares of the construction company's stock valued at $2,060,000 after buying an additional 2,743 shares during the period.
About Summit Materials
(
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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.
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