Loop Capital Issues Positive Forecast for Summit Materials (NYSE:SUM) Stock Price

Summit Materials (NYSE:SUM) had its price objective boosted by Loop Capital from $49.00 to $54.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Several other brokerages also recently weighed in on SUM. Truist Financial raised their price target on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. JPMorgan Chase & Co. dropped their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. DA Davidson reissued a “neutral” rating and set a $41.00 target price on shares of Summit Materials in a research report on Tuesday, October 15th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Finally, Morgan Stanley initiated coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.92.

Summit Materials Stock Up 0.9 %

Shares of Summit Materials stock opened at $47.83 on Friday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The company has a market cap of $8.40 billion, a P/E ratio of 58.33 and a beta of 1.14. The firm’s 50 day moving average price is $39.67 and its 200-day moving average price is $38.93. Summit Materials has a 52-week low of $32.32 and a 52-week high of $48.22.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 7.30%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company earned $0.81 earnings per share. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, sell-side analysts predict that Summit Materials will post 1.59 EPS for the current fiscal year.

Institutional Trading of Summit Materials

Several large investors have recently made changes to their positions in SUM. Hood River Capital Management LLC purchased a new stake in shares of Summit Materials in the 1st quarter valued at $33,206,000. River Road Asset Management LLC boosted its holdings in shares of Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after acquiring an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after purchasing an additional 448,922 shares during the period. Interval Partners LP acquired a new position in shares of Summit Materials in the 1st quarter valued at $18,051,000. Finally, Millennium Management LLC lifted its stake in shares of Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after purchasing an additional 399,072 shares during the period.

About Summit Materials

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.