Summit Materials (NYSE:SUM) Given New $60.00 Price Target at Truist Financial

Summit Materials (NYSE:SUM) had its target price lifted by Truist Financial from $47.00 to $60.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other brokerages also recently issued reports on SUM. Citigroup lowered their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Jefferies Financial Group reduced their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $45.00 to $52.00 in a report on Tuesday. JPMorgan Chase & Co. cut their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Finally, Stephens reaffirmed an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $49.92.

Summit Materials Stock Up 0.9 %

Shares of Summit Materials stock traded up $0.42 during trading on Friday, reaching $47.83. 1,387,720 shares of the company traded hands, compared to its average volume of 1,817,911. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials has a 1-year low of $32.32 and a 1-year high of $48.22. The company has a 50 day moving average price of $39.67 and a 200-day moving average price of $38.94. The firm has a market capitalization of $8.40 billion, a PE ratio of 58.33 and a beta of 1.14.

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 net margin of 3.92% and a return on equity of 7.30%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business posted $0.81 EPS. Summit Materials’s quarterly revenue was up 49.9% on a year-over-year basis. As a group, equities research analysts expect that Summit Materials will post 1.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new position in Summit Materials during the 3rd quarter worth $27,000. Toth Financial Advisory Corp grew its stake in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. International Assets Investment Management LLC grew its stake 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 valued at $37,000 after purchasing an additional 913 shares during the last quarter. Quest Partners LLC purchased a new stake in Summit Materials during the 2nd quarter valued at about $40,000. Finally, Farther Finance Advisors LLC grew its stake in Summit Materials by 275.7% during the 3rd 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 during the last quarter.

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.