Summit Materials (NYSE:SUM) Receives Neutral Rating from Longbow Research

Longbow Research reiterated their neutral rating on shares of Summit Materials (NYSE:SUM) in a research report released on Tuesday,Benzinga reports.

A number of other research firms have also recently weighed in on SUM. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Truist Financial boosted their price objective on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Citigroup reaffirmed a “neutral” rating and issued a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a report on Tuesday. Finally, Loop Capital reaffirmed a “hold” rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $50.85 on Tuesday. The firm’s fifty day simple moving average is $43.52 and its 200-day simple moving average is $40.11. Summit Materials has a 12 month low of $34.38 and a 12 month high of $53.49. The stock has a market capitalization of $8.93 billion, a price-to-earnings ratio of 62.01 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

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

Institutional Trading of Summit Materials

Several large investors have recently modified their holdings of SUM. Massachusetts Financial Services Co. MA lifted its stake in Summit Materials by 6.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after buying an additional 429,062 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Summit Materials by 1.8% in the third 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 during the last quarter. Victory Capital Management Inc. lifted its position in shares of Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares in the last quarter. River Road Asset Management LLC boosted its stake in shares of Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after acquiring an additional 488,688 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Summit Materials by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares in the last quarter.

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.