Summit Materials (NYSE:SUM) Given Buy Rating at Truist Financial

Truist Financial restated their buy rating on shares of Summit Materials (NYSE:SUM) in a research report report published on Tuesday, Benzinga reports. The brokerage currently has a $48.00 price target on the construction company’s stock.

A number of other brokerages have also commented on SUM. Citigroup lifted their price target on Summit Materials from $35.00 to $43.00 and gave the company a buy rating in a research note on Friday, July 14th. StockNews.com initiated coverage on Summit Materials in a research note on Thursday, August 17th. They issued a hold rating on the stock. Stephens lifted their target price on Summit Materials from $36.00 to $48.00 and gave the stock an overweight rating in a report on Friday, August 4th. Royal Bank of Canada lifted their target price on Summit Materials from $36.00 to $43.00 and gave the stock an outperform rating in a report on Friday, August 4th. Finally, Loop Capital lifted their target price on Summit Materials from $38.00 to $44.00 and gave the stock a buy rating in a report on Friday, August 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $39.77.

Summit Materials Stock Performance

Shares of SUM opened at $36.32 on Tuesday. Summit Materials has a 12-month low of $23.19 and a 12-month high of $39.56. The firm’s 50 day moving average is $37.08 and its 200-day moving average is $32.48. The stock has a market capitalization of $4.32 billion, a P/E ratio of 25.80 and a beta of 1.46. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.61 and a quick ratio of 1.90.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.11. Summit Materials had a net margin of 6.85% and a return on equity of 8.79%. The business had revenue of $680.40 million for the quarter, compared to the consensus estimate of $642.59 million. During the same quarter in the prior year, the company earned $0.59 EPS. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. Equities research analysts anticipate that Summit Materials will post 1.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds have recently made changes to their positions in SUM. JPMorgan Chase & Co. lifted its position in Summit Materials by 10.3% in the 1st quarter. JPMorgan Chase & Co. now owns 140,394 shares of the construction company’s stock worth $4,361,000 after buying an additional 13,146 shares in the last quarter. Raymond James & Associates increased its stake in shares of Summit Materials by 7.5% during the 1st quarter. Raymond James & Associates now owns 87,697 shares of the construction company’s stock worth $2,724,000 after purchasing an additional 6,154 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Summit Materials by 234.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 46,845 shares of the construction company’s stock worth $1,455,000 after purchasing an additional 32,858 shares during the last quarter. Private Advisor Group LLC increased its stake in shares of Summit Materials by 8.0% during the 1st quarter. Private Advisor Group LLC now owns 11,654 shares of the construction company’s stock worth $362,000 after purchasing an additional 866 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in Summit Materials by 19.4% in the 1st quarter. Bank of Montreal Can now owns 11,550 shares of the construction company’s stock valued at $366,000 after buying an additional 1,876 shares during the last quarter.

Summit Materials Company Profile

Summit Materials, Inc operates as a vertically integrated construction materials company. 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. It also provides asphalt paving and related services.