Summit Materials (NYSE:SUM) Given New $46.00 Price Target at Royal Bank of Canada

Summit Materials (NYSE:SUM) had its price target increased by Royal Bank of Canada from $44.00 to $46.00 in a research report sent to investors on Friday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the construction company’s stock.

SUM has been the topic of several other research reports. JPMorgan Chase & Co. started coverage on Summit Materials in a research note on Friday, February 23rd. They set an overweight rating and a $47.00 price target on the stock. Truist Financial raised their target price on shares of Summit Materials from $50.00 to $53.00 and gave the company a buy rating in a research note on Tuesday, April 2nd. Barclays boosted their price target on shares of Summit Materials from $40.00 to $45.00 and gave the stock an equal weight rating in a research note on Thursday, March 14th. Stephens restated an overweight rating and issued a $45.00 price objective on shares of Summit Materials in a report on Tuesday, February 13th. Finally, The Goldman Sachs Group lifted their target price on shares of Summit Materials from $43.00 to $49.00 and gave the stock a neutral rating in a report on Thursday, March 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Summit Materials has an average rating of Hold and a consensus price target of $46.73.

Summit Materials Price Performance

NYSE:SUM traded up $0.36 during mid-day trading on Friday, reaching $39.46. 1,489,451 shares of the company were exchanged, compared to its average volume of 897,275. Summit Materials has a 12 month low of $28.57 and a 12 month high of $44.89. The stock has a market cap of $6.88 billion, a PE ratio of 17.62 and a beta of 1.34. The company has a quick ratio of 4.62, a current ratio of 5.36 and a debt-to-equity ratio of 0.99. The company has a fifty day moving average of $41.72 and a 200 day moving average of $38.04.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a net margin of 8.36% and a return on equity of 8.96%. The business had revenue of $773.23 million during the quarter, compared to analyst estimates of $803.98 million. During the same quarter last year, the business posted ($0.26) earnings per share. Summit Materials’s revenue for the quarter was up 89.9% compared to the same quarter last year. On average, research analysts anticipate that Summit Materials will post 2.23 EPS for the current fiscal year.

Institutional Trading of Summit Materials

A number of large investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA lifted its position in Summit Materials by 130.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,512,959 shares of the construction company’s stock valued at $171,674,000 after acquiring an additional 3,122,575 shares in the last quarter. Norges Bank bought a new stake in shares of Summit Materials in the fourth quarter worth $49,437,000. River Road Asset Management LLC lifted its position in shares of Summit Materials by 172.9% in the third quarter. River Road Asset Management LLC now owns 1,617,490 shares of the construction company’s stock worth $50,369,000 after purchasing an additional 1,024,888 shares in the last quarter. FMR LLC boosted its holdings in Summit Materials by 22.6% during the third quarter. FMR LLC now owns 3,880,931 shares of the construction company’s stock worth $120,852,000 after purchasing an additional 714,379 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in Summit Materials in the third quarter valued at $9,221,000.

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.