DA Davidson Issues Positive Forecast for Summit Materials (NYSE:SUM) Stock Price

Summit Materials (NYSE:SUM) had its price target hoisted by DA Davidson from $41.00 to $47.00 in a report published on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the construction company’s stock.

SUM has been the subject of a number of other research reports. Jefferies Financial Group decreased their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Stephens reaffirmed an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Truist Financial upped their target price on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Citigroup decreased their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, Morgan Stanley began coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.38.

Summit Materials Trading Up 1.5 %

Shares of NYSE:SUM opened at $47.42 on Tuesday. The firm has a market cap of $8.33 billion, a price-to-earnings ratio of 57.83 and a beta of 1.14. Summit Materials has a 12 month low of $33.04 and a 12 month high of $48.22. The company’s fifty day simple moving average is $39.96 and its 200 day simple moving average is $39.05. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

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, beating the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. As a group, research analysts forecast that Summit Materials will post 1.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors and hedge funds have recently made changes to their positions in SUM. Vanguard Group Inc. boosted its stake in Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Summit Materials by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock valued at $393,871,000 after acquiring an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares in the last quarter. Principal Financial Group Inc. increased its position in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Summit Materials by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after purchasing an additional 241,757 shares in the last quarter.

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.