Summit Materials, Inc. (NYSE:SUM – Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $44.51 and last traded at $44.44, with a volume of 95299 shares traded. The stock had previously closed at $44.03.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on SUM shares. Barclays increased their price target on shares of Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. JPMorgan Chase & Co. initiated coverage on Summit Materials in a research report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 target price on the stock. Truist Financial lifted their price objective on Summit Materials from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Royal Bank of Canada raised their target price on Summit Materials from $39.00 to $44.00 and gave the company a “sector perform” rating in a report on Thursday, March 14th. Finally, Stephens reaffirmed an “overweight” rating and issued a $45.00 target price on shares of Summit Materials in a research report on Tuesday, February 13th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Summit Materials presently has an average rating of “Moderate Buy” and a consensus price target of $45.09.
View Our Latest Report on Summit Materials
Summit Materials Stock Performance
Summit Materials (NYSE:SUM – Get Free Report) last announced its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The firm had revenue of $613.13 million for the quarter, compared to analyst estimates of $560.90 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. Summit Materials’s quarterly revenue was up 19.8% on a year-over-year basis. Equities analysts predict that Summit Materials, Inc. will post 2.31 EPS for the current year.
Institutional Trading of Summit Materials
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Summit Materials by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock worth $460,688,000 after buying an additional 53,079 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Summit Materials by 5.3% in the 2nd quarter. BlackRock Inc. now owns 9,616,329 shares of the construction company’s stock valued at $363,978,000 after purchasing an additional 485,086 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Summit Materials by 2.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,028,677 shares of the construction company’s stock valued at $256,324,000 after purchasing an additional 208,355 shares in the last quarter. Capital International Investors lifted its stake in shares of Summit Materials by 8.1% in the 1st quarter. Capital International Investors now owns 6,903,885 shares of the construction company’s stock valued at $214,435,000 after purchasing an additional 519,296 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Summit Materials by 20.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after purchasing an additional 1,137,500 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.
See Also
- Five stocks we like better than Summit Materials
- Airline Stocks – Top Airline Stocks to Buy Now
- 3 Value Stocks Too Small For Buffett’s Portfolio
- What is MarketRankâ„¢? How to Use it
- Foot Locker Builds Up Another Head of Steam; Gains Imminent
- Manufacturing Stocks Investing
- Disney Stock Catches 3 Upgrades In a Single Week
Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.