Summit Materials (NYSE:SUM) Upgraded by Barclays to Overweight

Summit Materials (NYSE:SUM - Get Free Report) was upgraded by Barclays from an "equal weight" rating to an "overweight" rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage presently has a $52.00 price target on the construction company's stock, up from their previous price target of $45.00. Barclays's target price would suggest a potential upside of 13.02% from the company's current price.

A number of other research firms also recently commented on SUM. Stifel Nicolaus reduced their target price on Summit Materials from $55.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, July 3rd. Citigroup reduced 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 report on Wednesday, October 9th. Truist Financial dropped their target price on shares of Summit Materials from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley began coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an "overweight" rating and a $51.00 price objective on the stock. Finally, Royal Bank of Canada raised shares of Summit Materials from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $45.00 to $53.00 in a research report on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.42.

Summit Materials Price Performance

Shares of SUM stock traded up $0.38 during midday trading on Tuesday, reaching $46.01. 1,604,131 shares of the company traded hands, compared to its average volume of 1,041,604. The firm's 50 day simple moving average is $39.20 and its two-hundred day simple moving average is $38.77. 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 firm has a market cap of $8.07 billion, a PE ratio of 20.54 and a beta of 1.17. Summit Materials has a 1-year low of $31.67 and a 1-year high of $46.40.

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

Institutional Trading of Summit Materials

A number of large investors have recently made changes to their positions in SUM. Farther Finance Advisors LLC lifted its holdings in Summit Materials by 275.7% during the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company's stock worth $51,000 after acquiring an additional 951 shares in the last quarter. Congress Asset Management Co. lifted its position in Summit Materials by 9.4% in the 3rd quarter. Congress Asset Management Co. now owns 509,409 shares of the construction company's stock valued at $19,882,000 after acquiring an additional 43,582 shares in the last quarter. Diversify Wealth Management LLC lifted its holdings in shares of Summit Materials by 14.2% in the third quarter. Diversify Wealth Management LLC now owns 10,164 shares of the construction company's stock valued at $413,000 after purchasing an additional 1,260 shares in the last quarter. Diversify Advisory Services LLC acquired a new position in Summit Materials during the 3rd quarter worth approximately $204,000. Finally, Hunter Associates Investment Management LLC grew its position in Summit Materials by 104.4% in the third quarter. Hunter Associates Investment Management LLC now owns 76,963 shares of the construction company's stock valued at $3,001,000 after purchasing an additional 39,308 shares in the last quarter.

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.