Summit Materials (NYSE:SUM) Sets New 1-Year High at $44.51

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

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Truist Financial upped their target price on Summit Materials from $46.00 to $50.00 and gave the company a “buy” rating in a report on Friday, March 15th. Royal Bank of Canada raised their price target on Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 14th. JPMorgan Chase & Co. assumed coverage on Summit Materials in a research note on Friday, February 23rd. They issued an “overweight” rating and a $47.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, March 14th. Finally, Stephens reaffirmed an “overweight” rating and issued a $45.00 price objective on shares of Summit Materials in a research note on Tuesday, February 13th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.09.

Summit Materials Stock Up 1.2 %

The firm has a market cap of $7.77 billion, a price-to-earnings 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 of $39.97 and a 200-day moving average of $36.41.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. The company had revenue of $613.13 million for the quarter, compared to analyst estimates of $560.90 million. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. Summit Materials’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.32 earnings per share. As a group, sell-side analysts forecast that Summit Materials, Inc. will post 2.31 EPS for the current fiscal year.

Institutional Trading of Summit Materials

Several large investors have recently added to or reduced their stakes in SUM. JPMorgan Chase & Co. grew its position in Summit Materials by 10.3% in the first quarter. JPMorgan Chase & Co. now owns 140,394 shares of the construction company’s stock worth $4,361,000 after acquiring an additional 13,146 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Summit Materials by 7.5% in the first quarter. Raymond James & Associates now owns 87,697 shares of the construction company’s stock worth $2,724,000 after buying an additional 6,154 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Summit Materials by 234.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 46,845 shares of the construction company’s stock worth $1,455,000 after buying an additional 32,858 shares during the last quarter. Private Advisor Group LLC lifted its stake in shares of Summit Materials by 8.0% in the first quarter. Private Advisor Group LLC now owns 11,654 shares of the construction company’s stock worth $362,000 after buying an additional 866 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in shares of Summit Materials by 19.4% in the first quarter. Bank of Montreal Can now owns 11,550 shares of the construction company’s stock worth $366,000 after buying an additional 1,876 shares during 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.