Royal Bank of Canada Boosts Summit Materials (NYSE:SUM) Price Target to $54.00

Summit Materials (NYSE:SUM) had its target price increased by Royal Bank of Canada from $53.00 to $54.00 in a report released on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the construction company’s stock.

Several other brokerages have also issued reports on SUM. Jefferies Financial Group decreased 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. Citigroup dropped their price objective on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. JPMorgan Chase & Co. reduced their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Truist Financial upped their price objective on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials currently has a consensus rating of “Moderate Buy” and an average price target of $49.92.

Summit Materials Stock Performance

SUM stock opened at $46.70 on Friday. Summit Materials has a twelve month low of $33.04 and a twelve month high of $48.22. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The company has a market cap of $8.20 billion, a P/E ratio of 56.95 and a beta of 1.14. The business’s fifty day moving average is $39.79 and its 200-day moving average is $38.99.

Summit Materials (NYSE:SUM) last released its earnings results 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 return on equity of 7.30% and a net margin of 3.92%. The company’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Equities research analysts forecast that Summit Materials will post 1.59 EPS for the current year.

Institutional Trading of Summit Materials

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of 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 acquiring an additional 262,179 shares during the period. Ausbil Investment Management Ltd boosted its stake in Summit Materials by 355.8% in the 3rd 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. Sei Investments Co. grew its holdings in Summit Materials by 20.7% in the 1st quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock valued at $20,331,000 after buying an additional 78,111 shares in the last quarter. Comerica Bank increased its position in Summit Materials by 215.3% during the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after buying an additional 62,173 shares during the period. Finally, BNP Paribas Financial Markets increased its position in Summit Materials by 89.5% during the 1st quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock worth $3,995,000 after buying an additional 42,344 shares during the period.

Summit Materials Company Profile

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.