Summit Materials, Inc. (NYSE:SUM - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $51.68 and last traded at $51.47, with a volume of 4305 shares trading hands. The stock had previously closed at $47.42.
SUM has been the topic of a number of other reports. Stephens reissued an "overweight" rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Morgan Stanley assumed coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an "overweight" rating and a $51.00 price target for the company. Jefferies Financial Group decreased their price target on shares of Summit Materials from $58.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday, October 9th. Citigroup dropped their price objective on 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, JPMorgan Chase & Co. decreased their target price 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. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.38.
View Our Latest Stock Report on SUM
Institutional Trading of Summit Materials
Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company's stock worth $545,561,000 after buying an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Summit Materials by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company's stock valued at $393,871,000 after acquiring an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of 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 valued at $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Summit Materials by 1.8% during the third 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 during the period. Finally, Victory Capital Management Inc. grew its stake in shares of Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company's stock worth $134,669,000 after purchasing an additional 241,757 shares during the last quarter.
Summit Materials Stock Performance
The business has a fifty day moving average of $39.96 and a 200-day moving average of $39.05. The company has a market cap of $8.95 billion, a PE ratio of 60.99 and a beta of 1.14. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.
Summit Materials (NYSE:SUM - Get Free Report) last posted its 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. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.17 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. The business's revenue was up 49.9% compared to the same quarter last year. Equities research analysts anticipate that Summit Materials, Inc. will post 1.6 earnings per share for the current fiscal year.
Summit Materials Company Profile
(
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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.
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