Summit Materials, Inc. (NYSE:SUM) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Summit Materials, Inc. (NYSE:SUM) have been assigned an average recommendation of “Moderate Buy” from the twelve analysts that are covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $46.09.

SUM has been the subject of a number of analyst reports. The Goldman Sachs Group raised their price objective on Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, March 14th. Barclays raised their target price on Summit Materials from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Stephens reaffirmed an “overweight” rating and set a $45.00 target price on shares of Summit Materials in a research note on Tuesday, February 13th. Royal Bank of Canada raised their target price 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. Finally, Citigroup raised their target price on Summit Materials from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, April 5th.

Summit Materials Price Performance

Shares of SUM opened at $41.03 on Monday. Summit Materials has a 1 year low of $26.18 and a 1 year high of $44.89. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. The company has a market capitalization of $7.15 billion, a price-to-earnings ratio of 17.24 and a beta of 1.32. The business has a 50-day moving average of $41.61 and a 200-day moving average of $37.43.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data 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 return on equity of 8.73% and a net margin of 10.91%. The company had revenue of $613.13 million during the quarter, compared to the consensus estimate of $560.90 million. During the same period last year, the company earned $0.32 earnings per share. The firm’s revenue was up 19.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Summit Materials will post 2.28 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

A number of hedge funds have recently added to or reduced their stakes in the company. Harvey Capital Management Inc. purchased a new position in shares of Summit Materials during the fourth quarter valued at approximately $1,167,000. Vanguard Group Inc. boosted its position in shares of Summit Materials by 1.2% during the third quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company’s stock valued at $371,353,000 after buying an additional 136,921 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of Summit Materials during the third quarter valued at approximately $855,000. Oliver Luxxe Assets LLC boosted its position in shares of Summit Materials by 26.2% during the third quarter. Oliver Luxxe Assets LLC now owns 82,361 shares of the construction company’s stock valued at $2,565,000 after buying an additional 17,101 shares during the last quarter. Finally, Stifel Financial Corp boosted its position in shares of Summit Materials by 46.2% during the third quarter. Stifel Financial Corp now owns 79,394 shares of the construction company’s stock valued at $2,472,000 after buying an additional 25,090 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.