Summit Materials, Inc. (NYSE:SUM) Receives Consensus Rating of "Moderate Buy" from Brokerages

Summit Materials, Inc. (NYSE:SUM - Get Free Report) has received an average recommendation of "Moderate Buy" from the thirteen research firms that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $50.38.

SUM has been the topic of several research analyst reports. StockNews.com upgraded shares of Summit Materials from a "sell" rating to a "hold" rating in a research note on Tuesday, November 5th. Royal Bank of Canada increased their price objective on shares of Summit Materials from $53.00 to $54.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Morgan Stanley initiated coverage on shares of Summit Materials in a research 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 set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Finally, Jefferies Financial Group cut their price objective on Summit Materials from $58.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, October 9th.

Summit Materials Stock Down 0.3 %

Shares of NYSE SUM traded down $0.14 during midday trading on Tuesday, hitting $48.38. The stock had a trading volume of 489,806 shares, compared to its average volume of 1,069,470. The company has a market cap of $8.50 billion, a P/E ratio of 59.01 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The business's 50 day moving average is $42.00 and its 200-day moving average is $39.69. Summit Materials has a 52 week low of $33.73 and a 52 week high of $51.74.

Summit Materials (NYSE:SUM - Get Free Report) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company's quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. As a group, analysts predict that Summit Materials will post 1.64 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hood River Capital Management LLC bought a new stake in Summit Materials during the first quarter valued at about $33,206,000. River Road Asset Management LLC raised its stake in Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company's stock valued at $139,257,000 after purchasing an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Summit Materials by 6.6% in the 2nd 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 in the last quarter. Interval Partners LP bought a new position in Summit Materials in the 1st quarter worth approximately $18,051,000. Finally, Millennium Management LLC grew its holdings in Summit Materials by 16.9% during 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 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.