Summit Materials (NYSE:SUM) Sets New 12-Month High at $44.51

Summit Materials, Inc. (NYSE:SUM)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $44.51 and last traded at $44.44, with a volume of 95299 shares trading hands. The stock had previously closed at $44.03.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SUM shares. Truist Financial boosted their price objective on Summit Materials from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Stephens reiterated an “overweight” rating and issued a $45.00 price objective on shares of Summit Materials in a report on Tuesday, February 13th. JPMorgan Chase & Co. initiated coverage on Summit Materials in a report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 price objective for the company. Royal Bank of Canada upped their price objective on Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a report on Thursday, March 14th. Finally, Barclays increased their target price on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Summit Materials has an average rating of “Moderate Buy” and an average price target of $45.09.

Summit Materials Trading Up 1.2 %

The stock has a market capitalization of $7.77 billion, a PE ratio of 18.50 and a beta of 1.32. The company has a current ratio of 5.36, a quick ratio of 4.62 and a debt-to-equity ratio of 0.99. The stock has a 50 day moving average price of $39.97 and a 200-day moving average price of $36.41.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.04. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The business had revenue of $613.13 million for the quarter, compared to the consensus estimate of $560.90 million. During the same period last year, the firm earned $0.32 earnings per share. The company’s quarterly revenue was up 19.8% on a year-over-year basis. Sell-side analysts expect that Summit Materials, Inc. will post 2.31 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Summit Materials by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock worth $460,688,000 after acquiring an additional 53,079 shares during the last quarter. BlackRock Inc. increased its holdings in Summit Materials by 5.3% in the 2nd quarter. BlackRock Inc. now owns 9,616,329 shares of the construction company’s stock valued at $363,978,000 after acquiring an additional 485,086 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Summit Materials by 2.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,028,677 shares of the construction company’s stock valued at $256,324,000 after purchasing an additional 208,355 shares during the last quarter. Capital International Investors grew its holdings in Summit Materials by 8.1% during the 1st quarter. Capital International Investors now owns 6,903,885 shares of the construction company’s stock valued at $214,435,000 after buying an additional 519,296 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Summit Materials by 20.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock worth $255,777,000 after acquiring an additional 1,137,500 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.