Loop Capital Reiterates "Hold" Rating for Summit Materials (NYSE:SUM)

Summit Materials (NYSE:SUM - Get Free Report)'s stock had its "hold" rating reissued by equities research analysts at Loop Capital in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $52.50 price target on the construction company's stock, down from their prior price target of $54.00. Loop Capital's price objective suggests a potential upside of 3.37% from the stock's previous close.

A number of other research firms also recently commented on SUM. Truist Financial raised their target price on Summit Materials from $47.00 to $60.00 and gave the company a "buy" rating in a report on Friday, November 1st. Jefferies Financial Group reduced their target price on Summit Materials from $58.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, October 9th. Morgan Stanley initiated coverage on Summit Materials in a report on Monday, August 26th. They issued an "overweight" rating and a $51.00 target price for the company. Stephens reissued an "overweight" rating and issued a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. Finally, Barclays raised Summit Materials from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Summit Materials currently has a consensus rating of "Hold" and an average target price of $50.81.

Summit Materials Trading Up 0.1 %

Shares of SUM stock traded up $0.04 on Tuesday, hitting $50.79. 10,945,606 shares of the stock traded hands, compared to its average volume of 1,278,992. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49. The stock has a market capitalization of $8.92 billion, a PE ratio of 61.96 and a beta of 1.14. The firm's 50-day moving average price is $43.29 and its two-hundred day moving average price is $40.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Summit Materials (NYSE:SUM - Get Free Report) last announced its quarterly 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. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm's revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.81 earnings per share. As a group, analysts anticipate that Summit Materials will post 1.64 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Large investors have recently made changes to their positions in the company. Synovus Financial Corp boosted its position in Summit Materials by 13.6% during the 3rd quarter. Synovus Financial Corp now owns 28,244 shares of the construction company's stock worth $1,102,000 after acquiring an additional 3,390 shares during the period. Tidal Investments LLC raised its stake in shares of Summit Materials by 32.0% in the 3rd quarter. Tidal Investments LLC now owns 13,688 shares of the construction company's stock worth $534,000 after buying an additional 3,321 shares in the last quarter. World Investment Advisors LLC bought a new stake in shares of Summit Materials in the 3rd quarter worth $457,000. Sanctuary Advisors LLC raised its position in shares of Summit Materials by 50.8% during the third quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company's stock worth $991,000 after purchasing an additional 8,559 shares during the period. Finally, Geode Capital Management LLC raised its position in Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company's stock valued at $108,885,000 after buying an additional 9,566 shares during the period.

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.