Citigroup Cuts Summit Materials (NYSE:SUM) Price Target to $46.00

Summit Materials (NYSE:SUM) had its price target reduced by Citigroup from $47.00 to $46.00 in a report published on Wednesday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

SUM has been the topic of several other reports. Morgan Stanley assumed coverage on Summit Materials in a report on Monday, August 26th. They issued an overweight rating and a $51.00 target price on the stock. Royal Bank of Canada reissued a sector perform rating and issued a $45.00 target price on shares of Summit Materials in a report on Wednesday, August 7th. Stephens reissued an overweight rating and issued a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. 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. Finally, Stifel Nicolaus dropped their target price on Summit Materials from $55.00 to $47.00 and set a buy rating on the stock in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $47.73.

Summit Materials Trading Up 2.1 %

NYSE SUM opened at $38.57 on Wednesday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. Summit Materials has a twelve month low of $30.83 and a twelve month high of $44.89. The firm has a market capitalization of $6.77 billion, a PE ratio of 18.02 and a beta of 1.17. The stock’s 50 day moving average is $38.29 and its 200 day moving average is $38.88.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the company posted $0.71 earnings per share. The firm’s revenue was up 58.1% on a year-over-year basis. Research analysts forecast that Summit Materials will post 1.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SUM. Hood River Capital Management LLC purchased a new position in shares of Summit Materials in the first quarter worth $33,206,000. Massachusetts Financial Services Co. MA increased its position in Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Interval Partners LP purchased a new stake in Summit Materials during the first quarter valued at $18,051,000. Millennium Management LLC increased its position in Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after acquiring an additional 399,072 shares during the last quarter. Finally, Troluce Capital Advisors LLC purchased a new stake in Summit Materials during the second quarter valued at $10,983,000.

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.