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

StockNews.com upgraded shares of Summit Materials (NYSE:SUM) from a sell rating to a hold rating in a research report report published on Tuesday.

Several other brokerages also recently issued reports on SUM. Stephens reissued an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Jefferies Financial Group reduced 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 note on Wednesday, October 9th. DA Davidson boosted their price objective on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Finally, Citigroup cut their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.38.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $47.42 on Tuesday. The company has a market cap of $8.33 billion, a PE ratio of 57.83 and a beta of 1.14. Summit Materials has a fifty-two week low of $33.04 and a fifty-two week high of $48.22. The firm has a 50-day simple moving average of $39.96 and a 200 day simple moving average of $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 posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 earnings per share. On average, sell-side analysts anticipate that Summit Materials will post 1.59 EPS for the current year.

Institutional Trading of Summit Materials

Several institutional investors and hedge funds have recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new position in shares of Summit Materials in the third quarter worth approximately $27,000. Toth Financial Advisory Corp boosted its stake in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC grew its position in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares in the last quarter. Quest Partners LLC acquired a new stake in Summit Materials during the 2nd quarter valued at $40,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Summit Materials by 275.7% in the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after purchasing an additional 951 shares in the last quarter.

Summit Materials Company Profile

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.