Summit Materials’ (SUM) “Neutral” Rating Reaffirmed at DA Davidson

DA Davidson restated their neutral rating on shares of Summit Materials (NYSE:SUM) in a report published on Tuesday, Benzinga reports. They currently have a $41.00 price objective on the construction company’s stock.

Several other equities analysts have also recently weighed in on SUM. Stephens reiterated an overweight rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Jefferies Financial Group decreased their price objective on Summit Materials from $58.00 to $56.00 and set a buy rating for the company in a research report on Wednesday, October 9th. Royal Bank of Canada reiterated a sector perform rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Stifel Nicolaus decreased their price objective on Summit Materials from $55.00 to $47.00 and set a buy rating for the company in a research report on Wednesday, July 3rd. Finally, Morgan Stanley began coverage on Summit Materials in a research report on Monday, August 26th. They issued an overweight rating and a $51.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Summit Materials has a consensus rating of Moderate Buy and an average price target of $47.17.

Summit Materials Trading Up 1.7 %

SUM opened at $39.54 on Tuesday. The firm has a 50 day simple moving average of $38.36 and a 200 day simple moving average of $38.74. Summit Materials has a fifty-two week low of $30.83 and a fifty-two week high of $44.89. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 18.48 and a beta of 1.17. 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 (NYSE:SUM) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm earned $0.71 EPS. Summit Materials’s quarterly revenue was up 58.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Register Financial Advisors LLC acquired a new position in Summit Materials in the 1st quarter valued at $45,000. Quest Partners LLC acquired a new position in Summit Materials in the 2nd quarter valued at $40,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Summit Materials in the 1st quarter valued at $102,000. Fidelis Capital Partners LLC acquired a new position in Summit Materials in the 1st quarter valued at $143,000. Finally, Westend Capital Management LLC acquired a new position in Summit Materials in the 1st quarter valued at $185,000.

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.