Summit Materials (NYSE:SUM) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Summit Materials (NYSE:SUM) in a research report released on Monday morning, Marketbeat reports. They currently have a $52.50 price objective on the construction company’s stock, down from their prior price objective of $54.00.

Several other brokerages have also recently commented on SUM. Truist Financial upped their target price on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Citigroup dropped their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Loop Capital lifted their price objective on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Stephens reaffirmed an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $50.81.

Summit Materials Trading Up 0.5 %

SUM opened at $51.09 on Monday. Summit Materials has a 1-year low of $34.38 and a 1-year high of $53.49. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a market cap of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14. The company’s 50 day moving average is $43.98 and its 200-day moving average is $40.26.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the firm posted $0.81 earnings per share. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. Equities research analysts predict that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Trading of Summit Materials

A number of hedge funds and other institutional investors have recently made changes to their positions in SUM. River Road Asset Management LLC raised its position in shares of Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after buying an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Summit Materials by 6.6% during 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 during the last quarter. Millennium Management LLC raised its position in Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after purchasing an additional 399,072 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Summit Materials by 21.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after acquiring an additional 313,957 shares during the last quarter. Finally, Troluce Capital Advisors LLC purchased a new stake in shares of Summit Materials during the second quarter valued at approximately $10,983,000.

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.