Summit Materials (NYSE:SUM) received a $18.00 price target from stock analysts at Royal Bank of Canada in a report issued on Wednesday. The brokerage currently has a “buy” rating on the construction company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 14.87% from the company’s current price.
A number of other equities analysts have also recently issued reports on the company. Stifel Nicolaus decreased their target price on Summit Materials from $38.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, August 3rd. ValuEngine cut Summit Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Barclays decreased their target price on Summit Materials from $30.00 to $24.00 and set an “equal weight” rating on the stock in a report on Thursday, August 2nd. Citigroup decreased their target price on Summit Materials from $38.00 to $37.00 and set a “$25.50” rating on the stock in a report on Monday, July 23rd. Finally, Stephens set a $24.00 target price on Summit Materials and gave the stock a “buy” rating in a report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $28.77.
Shares of SUM stock traded up $1.66 during mid-day trading on Wednesday, hitting $15.67. 106,989 shares of the stock traded hands, compared to its average volume of 4,063,159. Summit Materials has a twelve month low of $11.67 and a twelve month high of $34.06. The stock has a market cap of $1.69 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 1.72 and a beta of 1.80. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.26 and a current ratio of 2.07.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.17). Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. The firm had revenue of $625.00 million for the quarter, compared to analyst estimates of $638.93 million. During the same quarter last year, the business posted $0.73 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities research analysts predict that Summit Materials will post 0.84 earnings per share for the current year.
Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of Summit Materials by 25.6% during the third quarter. JPMorgan Chase & Co. now owns 2,175,362 shares of the construction company’s stock valued at $39,547,000 after buying an additional 443,477 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Summit Materials by 39.4% during the third quarter. Wells Fargo & Company MN now owns 271,237 shares of the construction company’s stock valued at $4,931,000 after buying an additional 76,727 shares in the last quarter. Comerica Bank purchased a new position in shares of Summit Materials during the third quarter valued at $653,000. Victory Capital Management Inc. grew its holdings in shares of Summit Materials by 29.5% during the third quarter. Victory Capital Management Inc. now owns 989,045 shares of the construction company’s stock valued at $17,981,000 after buying an additional 225,527 shares in the last quarter. Finally, US Bancorp DE grew its holdings in shares of Summit Materials by 2,566.5% during the third quarter. US Bancorp DE now owns 33,144 shares of the construction company’s stock valued at $603,000 after buying an additional 31,901 shares in the last quarter.
About Summit Materials
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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