Summit Materials Inc (NYSE:SUM) Receives $18.27 Average PT from Analysts
Summit Materials Inc (NYSE:SUM) has earned an average rating of “Hold” from the eighteen brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $18.27.
Several research analysts recently weighed in on SUM shares. Longbow Research decreased their price objective on shares of Summit Materials from $29.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, April 28th. Berenberg Bank upgraded shares of Summit Materials from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Wednesday, March 25th. Loop Capital lowered Summit Materials from a “buy” rating to a “hold” rating and set a $15.00 price target for the company. in a research note on Friday, April 17th. Stifel Nicolaus raised their price target on Summit Materials from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Finally, DA Davidson lowered Summit Materials from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 22nd.
A number of institutional investors have recently made changes to their positions in the business. Invesco Ltd. lifted its position in Summit Materials by 38.7% during the first quarter. Invesco Ltd. now owns 3,309,800 shares of the construction company’s stock valued at $49,647,000 after buying an additional 922,911 shares during the period. Maverick Capital Ltd. bought a new position in shares of Summit Materials during the first quarter valued at $690,000. Two Sigma Advisers LP increased its holdings in shares of Summit Materials by 23.4% during the first quarter. Two Sigma Advisers LP now owns 244,089 shares of the construction company’s stock valued at $3,661,000 after acquiring an additional 46,300 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Summit Materials during the first quarter valued at $349,000. Finally, Mackenzie Financial Corp bought a new position in shares of Summit Materials during the first quarter valued at $151,000.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, April 29th. The construction company reported ($0.48) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.48). Summit Materials had a net margin of 3.67% and a return on equity of 7.89%. The firm had revenue of $342.40 million for the quarter, compared to the consensus estimate of $321.47 million. During the same period in the prior year, the firm posted ($0.49) earnings per share. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, sell-side analysts predict that Summit Materials will post 0.38 earnings per share for the current year.
Summit Materials Company Profile
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
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