Summit Materials (NYSE:SUM) Given “Hold” Rating at Truist Financial

Summit Materials (NYSE:SUM)‘s stock had its “hold” rating reissued by research analysts at Truist Financial in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $52.50 price target on the construction company’s stock, down from their prior price target of $60.00. Truist Financial’s price target would suggest a potential upside of 3.33% from the stock’s current price.

A number of other brokerages also recently issued reports on SUM. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Monday. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 price target (up from $43.00) on shares of Summit Materials in a research report on Monday. Jefferies Financial Group dropped their price objective on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.81.

Summit Materials Stock Up 0.1 %

NYSE SUM traded up $0.06 during midday trading on Tuesday, hitting $50.81. 8,888,652 shares of the company traded hands, compared to its average volume of 1,270,128. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49. The company’s 50-day simple moving average is $43.29 and its 200-day simple moving average is $40.04. The company has a market cap of $8.92 billion, a PE ratio of 61.96 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the company earned $0.81 earnings per share. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. As a group, equities research analysts forecast that Summit Materials will post 1.64 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

A number of institutional investors have recently bought and sold shares of the company. Silvercrest Asset Management Group LLC increased its holdings in shares of Summit Materials by 38.9% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 147,375 shares of the construction company’s stock worth $6,569,000 after buying an additional 41,281 shares during the last quarter. Bayesian Capital Management LP acquired a new position in Summit Materials in the first quarter valued at approximately $726,000. Comerica Bank grew its position in Summit Materials by 215.3% in the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after acquiring an additional 62,173 shares during the period. American Trust raised its position in Summit Materials by 8.6% in the first quarter. American Trust now owns 7,026 shares of the construction company’s stock valued at $313,000 after purchasing an additional 557 shares during the period. Finally, First Hawaiian Bank lifted its stake in shares of Summit Materials by 4.8% in the 2nd quarter. First Hawaiian Bank now owns 16,815 shares of the construction company’s stock valued at $616,000 after purchasing an additional 768 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.