Citigroup Reaffirms Neutral Rating for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating reaffirmed by research analysts at Citigroup in a research note issued on Tuesday, MarketBeat.com reports. They currently have a $52.50 target price on the construction company’s stock, down from their prior target price of $55.00. Citigroup’s target price indicates a potential upside of 2.76% from the stock’s previous close.

SUM has been the topic of a number of other reports. Morgan Stanley started coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock. Loop Capital boosted their price objective on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday. 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. Finally, Jefferies Financial Group lowered their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $50.81.

Summit Materials Stock Up 0.5 %

Shares of SUM opened at $51.09 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49. The stock has a market capitalization of $8.97 billion, a price-to-earnings ratio of 62.30 and a beta of 1.14. The stock has a fifty day moving average of $43.76 and a 200-day moving average of $40.19.

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

Institutional Trading of Summit Materials

Several large investors have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its stake in Summit Materials by 1.8% during 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 in the last quarter. Ausbil Investment Management Ltd raised its holdings in shares of Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after purchasing an additional 18,706 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Summit Materials by 3.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after purchasing an additional 27,225 shares in the last quarter. Comerica Bank grew its stake in shares of Summit Materials by 215.3% in the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after buying an additional 62,173 shares during the period. Finally, Royce & Associates LP increased its position in Summit Materials by 5.7% in the 3rd quarter. Royce & Associates LP now owns 369,869 shares of the construction company’s stock valued at $14,436,000 after buying an additional 19,870 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.