Summit Materials (NYSE:SUM) Stock Rating Upgraded by StockNews.com

Summit Materials (NYSE:SUM) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

Other analysts have also recently issued research reports about the stock. Morgan Stanley assumed coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. Truist Financial raised their target price on shares of Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup dropped their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Jefferies Financial Group dropped 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. Finally, Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.38.

Summit Materials Stock Performance

Shares of SUM traded up $0.72 during midday trading on Tuesday, reaching $47.42. The stock had a trading volume of 1,887,986 shares, compared to its average volume of 1,057,974. The firm has a 50 day simple moving average of $39.96 and a 200-day simple moving average of $39.05. Summit Materials has a one year low of $33.04 and a one year high of $48.22. The firm has a market cap of $8.33 billion, a PE ratio of 57.83 and a beta of 1.14. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

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, topping analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 EPS. As a group, sell-side analysts anticipate that Summit Materials will post 1.59 EPS for the current year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUM. Norden Group LLC increased its position in Summit Materials by 41.8% in the 1st quarter. Norden Group LLC now owns 15,158 shares of the construction company’s stock valued at $676,000 after acquiring an additional 4,467 shares during the period. BNP Paribas Financial Markets increased its position in Summit Materials by 89.5% in the 1st quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock valued at $3,995,000 after acquiring an additional 42,344 shares during the period. Janney Montgomery Scott LLC increased its position in Summit Materials by 39.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 18,839 shares of the construction company’s stock valued at $840,000 after acquiring an additional 5,286 shares during the period. Capstone Investment Advisors LLC acquired a new position in Summit Materials in the 1st quarter valued at approximately $256,000. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Summit Materials during the first quarter worth $302,000.

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.