Truist Financial Reaffirms Hold Rating for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM)‘s stock had its “hold” rating reissued by research analysts at Truist Financial in a note issued to investors on Tuesday,Benzinga reports. They currently have a $52.50 price target on the construction company’s stock, down from their previous price target of $60.00. Truist Financial’s target price indicates a potential upside of 2.76% from the stock’s current price.

A number of other analysts have also recently issued reports on the stock. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research note on Tuesday. Stephens reiterated an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Morgan Stanley assumed coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price for the company. Loop Capital restated a “hold” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Tuesday. Finally, Citigroup restated a “neutral” rating and issued a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $50.81.

Summit Materials Stock Up 0.5 %

SUM opened at $51.09 on Tuesday. The company has a market capitalization of $8.97 billion, a PE ratio of 62.30 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 has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The business has a 50-day moving average of $43.76 and a 200-day moving average of $40.19.

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

Hedge Funds Weigh In On Summit Materials

Large investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new position in Summit Materials during the 3rd quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Summit Materials in the 3rd quarter valued at $28,000. Toth Financial Advisory Corp raised its stake in shares of Summit Materials by 147.1% in 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 raised its stake in shares of Summit Materials by 3,804.2% in 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 acquired a new position in shares of Summit Materials in the 2nd quarter valued at $40,000.

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.