Summit Materials (NYSE:SUM) Stock Rating Lowered by Wolfe Research

Summit Materials (NYSE:SUM) was downgraded by investment analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research report issued on Friday, Marketbeat reports.

A number of other brokerages have also recently commented on SUM. Truist Financial reaffirmed a “buy” rating and issued a $48.00 target price on shares of Summit Materials in a report on Tuesday, September 5th. JPMorgan Chase & Co. boosted their price objective on Summit Materials from $37.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, August 24th. Stifel Nicolaus raised their target price on shares of Summit Materials from $42.00 to $45.00 in a research note on Friday, July 14th. Citigroup lifted their price target on shares of Summit Materials from $35.00 to $43.00 and gave the company a “buy” rating in a report on Friday, July 14th. Finally, BNP Paribas downgraded shares of Summit Materials from an “outperform” rating to a “neutral” rating and set a $38.00 price objective on the stock. in a research report on Monday, July 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Summit Materials has an average rating of “Hold” and an average target price of $39.77.

Summit Materials Price Performance

NYSE SUM opened at $32.34 on Friday. The company has a 50-day moving average price of $36.86 and a 200-day moving average price of $32.54. Summit Materials has a 52 week low of $23.19 and a 52 week high of $39.56. The company has a quick ratio of 1.90, a current ratio of 2.61 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $3.85 billion, a P/E ratio of 22.97 and a beta of 1.46.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, August 2nd. The construction company reported $0.71 earnings per share (EPS) for the quarter, beating 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 company had revenue of $680.40 million during the quarter, compared to analyst estimates of $642.59 million. During the same period in the previous year, the business posted $0.59 earnings per share. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. Equities research analysts anticipate that Summit Materials will post 1.43 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

Hedge funds have recently bought and sold shares of the business. Belpointe Asset Management LLC purchased a new position in shares of Summit Materials in the 4th quarter worth approximately $25,000. OLD Mission Capital LLC purchased a new position in Summit Materials during the fourth quarter worth $25,000. Benjamin Edwards Inc. increased its position in Summit Materials by 81.3% during the second quarter. Benjamin Edwards Inc. now owns 939 shares of the construction company’s stock valued at $36,000 after acquiring an additional 421 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of Summit Materials in the second quarter valued at $38,000. Finally, Pinebridge Investments L.P. lifted its holdings in shares of Summit Materials by 37.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 1,015 shares of the construction company’s stock worth $38,000 after acquiring an additional 274 shares during the last quarter.

About Summit Materials

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.