Summit Materials (NYSE:SUM) Hits New 1-Year High – Should You Buy?

Summit Materials, Inc. (NYSE:SUM) reached a new 52-week high during trading on Wednesday . The stock traded as high as $46.41 and last traded at $46.37, with a volume of 95802 shares changing hands. The stock had previously closed at $46.01.

Analysts Set New Price Targets

SUM has been the subject of several recent research reports. Citigroup lowered their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Truist Financial dropped their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Morgan Stanley began coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Finally, Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $52.00 in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Summit Materials has a consensus rating of “Moderate Buy” and an average target price of $48.42.

Summit Materials Stock Performance

The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The stock has a fifty day moving average price of $39.20 and a two-hundred day moving average price of $38.77. The company has a market cap of $8.17 billion, a P/E ratio of 20.85 and a beta of 1.17.

Summit Materials (NYSE:SUM) last posted 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. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company’s quarterly revenue was up 58.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.71 earnings per share. On average, equities analysts forecast that Summit Materials, Inc. will post 1.63 earnings per share for the current fiscal year.

Institutional Trading of Summit Materials

A number of hedge funds and other institutional investors have recently made changes to their positions in SUM. V Square Quantitative Management LLC acquired a new stake in shares of Summit Materials during the third quarter worth $27,000. Toth Financial Advisory Corp raised its holdings in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares during the period. International Assets Investment Management LLC raised its holdings 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 buying an additional 913 shares during the period. Quest Partners LLC purchased a new stake in Summit Materials during the second quarter valued at about $40,000. Finally, Farther Finance Advisors LLC boosted 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 worth $51,000 after buying an additional 951 shares during the period.

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.