Summit Materials (NYSE:SUM) Receives Neutral Rating from Citigroup

Summit Materials (NYSE:SUM)‘s stock had its “neutral” rating restated by equities researchers at Citigroup in a report released on Tuesday,Benzinga reports. They currently have a $52.50 target price on the construction company’s stock, down from their previous target price of $55.00. Citigroup’s price target would suggest a potential upside of 3.45% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Truist Financial boosted their target price on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a report on Monday. Morgan Stanley began 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. DA Davidson lifted their price target on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, StockNews.com cut shares of Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Materials has an average rating of “Hold” and a consensus price target of $51.38.

Summit Materials Stock Down 1.8 %

Shares of NYSE SUM opened at $50.75 on Tuesday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $8.91 billion, a PE ratio of 61.89 and a beta of 1.14. The firm’s 50-day moving average is $43.29 and its 200-day moving average is $40.04. Summit Materials has a 1 year low of $34.38 and a 1 year high of $53.49.

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

Institutional Investors Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently bought and sold shares of SUM. Silvercrest Asset Management Group LLC boosted its holdings in Summit Materials by 38.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 147,375 shares of the construction company’s stock worth $6,569,000 after purchasing an additional 41,281 shares during the last quarter. Bayesian Capital Management LP acquired a new position in shares of Summit Materials during the 1st quarter worth about $726,000. Comerica Bank grew its holdings in shares of Summit Materials by 215.3% in the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after acquiring an additional 62,173 shares in the last quarter. American Trust increased its position in shares of Summit Materials by 8.6% in the first quarter. American Trust now owns 7,026 shares of the construction company’s stock valued at $313,000 after acquiring an additional 557 shares during the last quarter. Finally, First Hawaiian Bank raised its holdings in Summit Materials by 4.8% during the second quarter. First Hawaiian Bank now owns 16,815 shares of the construction company’s stock worth $616,000 after acquiring an additional 768 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.