Summit Materials (NYSE:SUM) Hits New 52-Week High on Analyst Upgrade

Summit Materials, Inc. (NYSE:SUM) hit a new 52-week high during mid-day trading on Wednesday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $51.68 and last traded at $51.47, with a volume of 4305 shares trading hands. The stock had previously closed at $47.42.

A number of other analysts also recently weighed in on the stock. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Stephens restated an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. JPMorgan Chase & Co. reduced their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Citigroup cut their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, Jefferies Financial Group cut their price target 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. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.38.

Institutional Investors Weigh In On Summit Materials

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after acquiring an additional 262,179 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Summit Materials by 0.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after acquiring an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Summit Materials by 6.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after acquiring an additional 448,922 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after acquiring an additional 241,757 shares in the last quarter.

Summit Materials Stock Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock has a market cap of $8.95 billion, a P/E ratio of 62.18 and a beta of 1.14. The firm’s 50 day moving average is $40.19 and its 200 day moving average is $39.14.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business posted $0.81 EPS. Summit Materials’s revenue was up 49.9% on a year-over-year basis. Analysts anticipate that Summit Materials, Inc. will post 1.6 EPS for the current year.

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.