Summit Materials (NYSE:SUM) Price Target Raised to $54.00 at Royal Bank of Canada

Summit Materials (NYSE:SUM - Get Free Report) had its price target lifted by equities research analysts at Royal Bank of Canada from $53.00 to $54.00 in a report released on Friday, Benzinga reports. The brokerage currently has an "outperform" rating on the construction company's stock. Royal Bank of Canada's price target points to a potential upside of 12.90% from the company's current price.

A number of other equities analysts have also recently issued reports on the company. Loop Capital boosted their price objective on Summit Materials from $49.00 to $54.00 and gave the company a "buy" rating in a report on Friday. Barclays raised Summit Materials from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $45.00 to $52.00 in a research report on Tuesday. DA Davidson restated a "neutral" rating and issued a $41.00 price objective on shares of Summit Materials in a report on Tuesday, October 15th. Citigroup lowered their price objective on shares of Summit Materials from $47.00 to $46.00 and set a "buy" rating for the company in a research note on Wednesday, October 9th. Finally, Stephens restated an "overweight" rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $49.92.

Summit Materials Price Performance

Shares of NYSE:SUM traded up $0.42 on Friday, reaching $47.83. The company's stock had a trading volume of 1,387,720 shares, compared to its average volume of 1,051,286. The company has a 50-day simple moving average of $39.67 and a 200 day simple moving average of $38.94. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. Summit Materials has a 52-week low of $32.32 and a 52-week high of $48.22. The company has a market cap of $8.40 billion, a P/E ratio of 58.33 and a beta of 1.17.

Summit Materials (NYSE:SUM - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion during 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 7.30%. Summit Materials's quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.81 earnings per share. As a group, equities research analysts anticipate that Summit Materials will post 1.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company's stock worth $545,561,000 after purchasing an additional 262,179 shares during the period. Ausbil Investment Management Ltd lifted its position in Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company's stock valued at $935,000 after purchasing an additional 18,706 shares during the period. Sei Investments Co. lifted its holdings in shares of Summit Materials by 20.7% in the 1st quarter. Sei Investments Co. now owns 456,164 shares of the construction company's stock valued at $20,331,000 after buying an additional 78,111 shares during the period. Comerica Bank boosted its position in Summit Materials by 215.3% in the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company's stock worth $4,058,000 after purchasing an additional 62,173 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Summit Materials by 89.5% during the first quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company's stock worth $3,995,000 after buying an additional 42,344 shares in 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.