JPMorgan Chase & Co. Reaffirms “Neutral” Rating for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating reissued by equities researchers at JPMorgan Chase & Co. in a research note issued to investors on Monday,Benzinga reports. They presently have a $52.50 price target on the construction company’s stock, up from their previous price target of $43.00. JPMorgan Chase & Co.‘s price target indicates a potential upside of 3.25% from the company’s previous close.

Other research analysts also recently issued research reports about the company. 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. DA Davidson raised their price objective on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Stephens reaffirmed an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Loop Capital raised their price objective on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research note on Monday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $50.81.

Summit Materials Stock Up 0.2 %

SUM stock opened at $50.85 on Monday. Summit Materials has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The business’s 50-day moving average is $43.52 and its two-hundred day moving average is $40.11. 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 company has a market cap of $8.93 billion, a price-to-earnings ratio of 62.01 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its earnings results 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 in the prior year, the company earned $0.81 earnings per share. Summit Materials’s revenue was up 49.9% on a year-over-year basis. As a group, analysts forecast that Summit Materials will post 1.64 earnings per share for the current year.

Institutional Trading of Summit Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new position in Summit Materials during the 3rd quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials during the 3rd quarter valued at approximately $28,000. Toth Financial Advisory Corp grew its holdings in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after buying an additional 913 shares in the last quarter. Finally, Quest Partners LLC purchased a new position in Summit Materials during the 2nd quarter valued at approximately $40,000.

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.