Summit Materials (NYSE:SUM) Earns Neutral Rating from Longbow Research

Longbow Research reissued their neutral rating on shares of Summit Materials (NYSE:SUM) in a research report sent to investors on Tuesday, MarketBeat reports.

A number of other analysts also recently weighed in on SUM. DA Davidson upped their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Morgan Stanley initiated coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Citigroup restated a “neutral” rating and set a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday. Finally, Stephens reissued an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Summit Materials presently has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Price Performance

NYSE:SUM opened at $50.94 on Tuesday. The company has a market cap of $8.95 billion, a P/E ratio of 62.12 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 one year low of $34.38 and a one year high of $53.49. The firm’s fifty day moving average price is $44.21 and its two-hundred day moving average price is $40.34.

Summit Materials (NYSE:SUM) last posted 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 return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. Equities analysts expect that Summit Materials will post 1.64 earnings per share for the current year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently bought and sold shares of SUM. V Square Quantitative Management LLC purchased a new position in shares of Summit Materials in the third quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Summit Materials during the 3rd quarter valued at about $28,000. Toth Financial Advisory Corp lifted its position in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after acquiring an additional 913 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in Summit Materials during the second quarter valued at about $40,000.

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.