Summit Materials (NYSE:SUM) Earns “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Summit Materials (NYSE:SUM) in a research note published on Monday morning,Benzinga reports. They currently have a $52.50 price target on the construction company’s stock, down from their previous price target of $54.00.

A number of other brokerages have also issued reports on SUM. Loop Capital boosted their target price on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. StockNews.com lowered Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Jefferies Financial Group dropped their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Stephens reissued an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, DA Davidson upped their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.00.

Summit Materials Stock Down 1.8 %

SUM opened at $50.75 on Monday. Summit Materials has a one year low of $34.38 and a one year high of $53.49. 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’s fifty day moving average is $43.29 and its 200-day moving average is $40.04. The company has a market capitalization of $8.91 billion, a PE ratio of 61.89 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.81 earnings per share. On average, equities analysts predict that Summit Materials will post 1.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Johnson Investment Counsel Inc. grew its stake in Summit Materials by 5.8% in the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after purchasing an additional 327 shares in the last quarter. Assetmark Inc. grew its stake in Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after purchasing an additional 411 shares in the last quarter. Waycross Investment Management Co grew its stake in Summit Materials by 1.0% in the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after purchasing an additional 412 shares in the last quarter. Xponance Inc. boosted its stake in shares of Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after acquiring an additional 448 shares in the last quarter. Finally, Toth Financial Advisory Corp boosted its stake in shares of 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 acquiring an additional 500 shares in 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.