Summit Materials (NYSE:SUM) Earns Hold Rating from Loop Capital

Summit Materials (NYSE:SUM)‘s stock had its “hold” rating reaffirmed by analysts at Loop Capital in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a $52.50 price objective on the construction company’s stock, down from their previous price objective of $54.00. Loop Capital’s target price would indicate a potential upside of 2.76% from the company’s current price.

Several other analysts also recently weighed in on the company. DA Davidson upped their price target 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 reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Jefferies Financial Group cut their price objective on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. StockNews.com cut shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, Truist Financial increased their price target on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat, Summit Materials currently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Price Performance

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

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Johnson Investment Counsel Inc. grew its stake in shares of Summit Materials by 5.8% during the 2nd 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 during the period. Assetmark Inc. boosted its holdings in shares of Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after buying an additional 411 shares during the last quarter. Waycross Investment Management Co grew its position in Summit Materials by 1.0% during the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after buying an additional 412 shares during the period. Xponance Inc. increased its holdings in Summit Materials by 6.2% during the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after buying an additional 448 shares during the last quarter. Finally, Toth Financial Advisory Corp raised its position in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares during the period.

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.