Summit Materials (NYSE:SUM) Sets New 1-Year High - What's Next?

Summit Materials, Inc. (NYSE:SUM - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $46.41 and last traded at $46.37, with a volume of 95802 shares. The stock had previously closed at $46.01.

Analyst Ratings Changes

SUM has been the topic of a number of research reports. Citigroup lowered their price target on shares of Summit Materials from $47.00 to $46.00 and set a "buy" rating on the stock in a report on Wednesday, October 9th. Jefferies Financial Group dropped their price target on Summit Materials from $58.00 to $56.00 and set a "buy" rating on the stock in a research report on Wednesday, October 9th. Morgan Stanley assumed coverage on Summit Materials in a report on Monday, August 26th. They issued an "overweight" rating and a $51.00 price objective for the company. JPMorgan Chase & Co. lowered their price target on shares of Summit Materials from $47.00 to $43.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 9th. Finally, Truist Financial dropped their price target on shares of Summit Materials from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $48.42.

Summit Materials Stock Performance

The firm has a market cap of $8.15 billion, a PE ratio of 20.72 and a beta of 1.17. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The company has a 50 day simple moving average of $39.35 and a 200-day simple moving average of $38.82.

Summit Materials (NYSE:SUM - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the company posted $0.71 earnings per share. The business's revenue was up 58.1% on a year-over-year basis. As a group, equities research analysts anticipate that Summit Materials, Inc. will post 1.63 EPS for the current year.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Johnson Investment Counsel Inc. boosted its position in Summit Materials by 5.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company's stock valued at $218,000 after acquiring an additional 327 shares in the last quarter. Waycross Investment Management Co grew its stake in Summit Materials by 1.0% in the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company's stock worth $1,504,000 after purchasing an additional 412 shares during the period. Xponance Inc. raised its holdings in Summit Materials by 6.2% in the second quarter. Xponance Inc. now owns 7,687 shares of the construction company's stock worth $281,000 after purchasing an additional 448 shares in the last quarter. InterOcean Capital Group LLC lifted its position in Summit Materials by 4.5% during the first quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company's stock valued at $472,000 after buying an additional 455 shares during the period. Finally, 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 buying an additional 500 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.