Summit Materials (NYSE:SUM) Stock Rating Upgraded by Royal Bank of Canada

Royal Bank of Canada upgraded shares of Summit Materials (NYSE:SUM - Free Report) from a sector perform rating to an outperform rating in a research note released on Friday, MarketBeat Ratings reports. Royal Bank of Canada currently has $53.00 price target on the construction company's stock, up from their previous price target of $45.00.

A number of other research firms have also recently weighed in on SUM. Jefferies Financial Group reduced their price objective on shares of Summit Materials from $58.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, October 9th. Stephens restated an "overweight" rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. DA Davidson reiterated a "neutral" rating and issued a $41.00 price objective on shares of Summit Materials in a report on Tuesday, October 15th. Truist Financial reduced their target price on Summit Materials from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their price target on Summit Materials from $47.00 to $43.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.83.

Summit Materials Price Performance

Shares of NYSE:SUM traded up $1.80 during trading on Friday, reaching $45.10. 4,311,160 shares of the company's stock traded hands, compared to its average volume of 1,028,031. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. Summit Materials has a fifty-two week low of $30.83 and a fifty-two week high of $46.20. The company has a 50-day simple moving average of $38.80 and a 200-day simple moving average of $38.73. The firm has a market cap of $7.91 billion, a PE ratio of 20.13 and a beta of 1.17.

Summit Materials (NYSE:SUM - Get Free Report) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. Summit Materials's quarterly revenue was up 58.1% compared to the same quarter last year. During the same period last year, the company earned $0.71 earnings per share. As a group, analysts predict that Summit Materials will post 1.63 earnings per share for the current year.

Institutional Trading of Summit Materials

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company's stock worth $545,561,000 after acquiring an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Summit Materials by 0.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company's stock worth $393,871,000 after purchasing an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company's stock worth $263,985,000 after purchasing an additional 448,922 shares during the period. Victory Capital Management Inc. boosted its holdings in Summit Materials by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company's stock valued at $134,669,000 after purchasing an additional 241,757 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company's stock valued at $100,817,000 after buying an additional 399,072 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.