Summit Materials (NYSE:SUM) PT Raised to $50.00 at Truist Financial

Summit Materials (NYSE:SUM) had its target price boosted by research analysts at Truist Financial from $46.00 to $50.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Truist Financial’s price target suggests a potential upside of 21.24% from the company’s current price.

SUM has been the topic of a number of other research reports. Stephens reissued an “overweight” rating and set a $45.00 price objective on shares of Summit Materials in a report on Tuesday, February 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $38.00 target price on shares of Summit Materials in a research note on Tuesday, February 13th. Finally, JPMorgan Chase & Co. started coverage on Summit Materials in a research note on Friday, February 23rd. They issued an “overweight” rating and a $47.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.09.

Summit Materials Stock Performance

SUM stock traded up $0.42 during midday trading on Friday, hitting $41.24. The company’s stock had a trading volume of 1,117,566 shares, compared to its average volume of 1,047,292. The stock’s 50-day moving average price is $39.12 and its 200 day moving average price is $36.11. The company has a quick ratio of 4.62, a current ratio of 5.36 and a debt-to-equity ratio of 0.99. Summit Materials has a 1 year low of $25.43 and a 1 year high of $44.42. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 17.33 and a beta of 1.32.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.04. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The business had revenue of $613.13 million for the quarter, compared to analysts’ expectations of $560.90 million. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The business’s revenue was up 19.8% on a year-over-year basis. On average, equities analysts forecast that Summit Materials will post 2.42 EPS for the current year.

Hedge Funds Weigh In On Summit Materials

Several large investors have recently made changes to their positions in SUM. Price T Rowe Associates Inc. MD lifted its position in shares of Summit Materials by 61.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,814,270 shares of the construction company’s stock valued at $338,998,000 after acquiring an additional 3,339,736 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Summit Materials by 130.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,512,959 shares of the construction company’s stock worth $171,674,000 after buying an additional 3,122,575 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Summit Materials by 134.0% in the fourth quarter. Victory Capital Management Inc. now owns 3,413,482 shares of the construction company’s stock worth $96,909,000 after buying an additional 1,954,722 shares in the last quarter. Norges Bank purchased a new stake in shares of Summit Materials in the fourth quarter worth about $49,437,000. Finally, River Road Asset Management LLC lifted its position in shares of Summit Materials by 172.9% in the third quarter. River Road Asset Management LLC now owns 1,617,490 shares of the construction company’s stock worth $50,369,000 after buying an additional 1,024,888 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.