Truist Financial Raises Summit Materials (NYSE:SUM) Price Target to $53.00

Summit Materials (NYSE:SUM) had its price objective upped by Truist Financial from $50.00 to $53.00 in a research report report published on Tuesday morning, Benzinga reports. Truist Financial currently has a buy rating on the construction company’s stock.

Several other analysts have also recently commented on SUM. Stephens restated an overweight rating and issued a $45.00 target price on shares of Summit Materials in a research note on Tuesday, February 13th. JPMorgan Chase & Co. began coverage on shares of Summit Materials in a research note on Friday, February 23rd. They set an overweight rating and a $47.00 price objective on the stock. The Goldman Sachs Group raised their price target on Summit Materials from $43.00 to $49.00 and gave the stock a neutral rating in a research note on Thursday, March 14th. Barclays boosted their target price on shares of Summit Materials from $40.00 to $45.00 and gave the company an equal weight rating in a report on Thursday, March 14th. Finally, Royal Bank of Canada raised their price target on shares of Summit Materials from $39.00 to $44.00 and gave the company a sector perform rating in a report on Thursday, March 14th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $45.36.

Summit Materials Price Performance

Summit Materials stock opened at $42.32 on Tuesday. 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 market cap of $7.38 billion, a P/E ratio of 17.78 and a beta of 1.32. The company has a 50-day moving average price of $40.88 and a 200 day moving average price of $36.85. Summit Materials has a 12-month low of $25.43 and a 12-month high of $44.89.

Summit Materials (NYSE:SUM) last released 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. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The company had revenue of $613.13 million for the quarter, compared to analyst estimates of $560.90 million. During the same period in the prior year, the business earned $0.32 EPS. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. Sell-side analysts anticipate that Summit Materials will post 2.28 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its holdings in Summit Materials by 10.3% during the 1st quarter. JPMorgan Chase & Co. now owns 140,394 shares of the construction company’s stock valued at $4,361,000 after purchasing an additional 13,146 shares during the last quarter. Raymond James & Associates raised its position in shares of Summit Materials by 7.5% during the first quarter. Raymond James & Associates now owns 87,697 shares of the construction company’s stock worth $2,724,000 after acquiring 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% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 46,845 shares of the construction company’s stock valued at $1,455,000 after acquiring an additional 32,858 shares during the period. Private Advisor Group LLC lifted its position in Summit Materials by 8.0% during the 1st quarter. Private Advisor Group LLC now owns 11,654 shares of the construction company’s stock valued at $362,000 after purchasing an additional 866 shares during the period. Finally, Bank of Montreal Can grew its position in shares of Summit Materials by 19.4% during the 1st 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 period.

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.