Analysts’ Recent Ratings Changes for Summit Materials (SUM)

Several analysts have recently updated their ratings and price targets for Summit Materials (NYSE: SUM):

• 8/8/2024 – Summit Materials had its price target raised by analysts at Citigroup Inc. from $44.00 to $47.00. They now have a “buy” rating on the stock.
• 8/7/2024 – Summit Materials had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $45.00 price target on the stock.
• 8/7/2024 – Summit Materials had its price target lowered by analysts at Truist Financial Co. from $53.00 to $47.00. They now have a “buy” rating on the stock.
• 8/6/2024 – Summit Materials had its “overweight” rating reaffirmed by analysts at Stephens. They now have a $47.00 price target on the stock.
• 7/11/2024 – Summit Materials had its price target lowered by analysts at Citigroup Inc. from $51.00 to $44.00. They now have a “buy” rating on the stock.
• 7/3/2024 – Summit Materials had its price target lowered by analysts at Stifel Nicolaus from $55.00 to $47.00. They now have a “buy” rating on the stock.

Summit Materials Stock Performance

Shares of SUM stock traded down $0.24 during midday trading on Wednesday, hitting $38.38. The company had a trading volume of 591,883 shares, compared to its average volume of 976,178. The company’s 50 day simple moving average is $37.75 and its 200 day simple moving average is $39.56. Summit Materials, Inc. has a 52-week low of $29.98 and a 52-week high of $44.89. The stock has a market cap of $6.73 billion, a price-to-earnings ratio of 17.13 and a beta of 1.15. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01.

Summit Materials (NYSE:SUM) last announced its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company’s revenue was up 58.1% on a year-over-year basis. During the same period last year, the business posted $0.71 EPS. Research analysts anticipate that Summit Materials, Inc. will post 1.75 earnings per share for the current fiscal year.

Institutional Trading of Summit Materials

Several hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in Summit Materials during the fourth quarter worth $49,437,000. Massachusetts Financial Services Co. MA raised its holdings in Summit Materials by 20.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock worth $255,777,000 after purchasing an additional 1,137,500 shares during the last quarter. Hood River Capital Management LLC acquired a new position in Summit Materials during the first quarter worth $33,206,000. Interval Partners LP acquired a new position in Summit Materials during the first quarter worth $18,051,000. Finally, Vanguard Group Inc. raised its holdings in Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after purchasing an additional 262,179 shares during the last quarter.

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.