Brokerages Set Summit Materials, Inc. (NYSE:SUM) Target Price at $50.54

Summit Materials, Inc. (NYSE:SUM - Get Free Report) has been assigned a consensus recommendation of "Hold" from the fourteen analysts that are currently covering the stock, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $50.54.

A number of equities research analysts recently weighed in on SUM shares. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Longbow Research reaffirmed a "neutral" rating on shares of Summit Materials in a report on Tuesday, November 26th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. StockNews.com initiated coverage on shares of Summit Materials in a research report on Monday. They issued a "sell" rating for the company. Finally, Loop Capital reiterated a "hold" rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th.

Insider Activity

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the business's stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the transaction, the insider now owns 40,221 shares of the company's stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SUM. Massachusetts Financial Services Co. MA raised its position in shares of Summit Materials by 6.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company's stock worth $298,181,000 after purchasing an additional 429,062 shares during the period. Principal Financial Group Inc. increased its stake in Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company's stock worth $206,445,000 after purchasing an additional 94,694 shares in the last quarter. River Road Asset Management LLC raised its holdings 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 worth $139,257,000 after buying an additional 488,688 shares during the period. Geode Capital Management LLC raised its holdings in Summit Materials by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company's stock worth $108,885,000 after buying an additional 9,566 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Summit Materials by 16.9% in the second 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 Price Performance

Shares of NYSE SUM traded down $0.09 during midday trading on Wednesday, reaching $52.05. 7,080,038 shares of the company traded hands, compared to its average volume of 5,975,208. Summit Materials has a 12 month low of $34.38 and a 12 month high of $53.49. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock's 50-day simple moving average is $50.12 and its 200-day simple moving average is $42.71. The firm has a market cap of $9.14 billion, a PE ratio of 63.48 and a beta of 1.14.

Summit Materials (NYSE:SUM - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm's quarterly revenue was up 49.9% on a year-over-year basis. During the same period last year, the firm posted $0.81 EPS. As a group, equities analysts anticipate that Summit Materials will post 1.66 earnings per share for the current fiscal year.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.