Royal Bank of Canada Increases Summit Materials (NYSE:SUM) Price Target to $46.00

Summit Materials (NYSE:SUM) had its target price upped by investment analysts at Royal Bank of Canada from $44.00 to $46.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the construction company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 16.57% from the stock’s previous close.

Several other brokerages have also commented on SUM. JPMorgan Chase & Co. began coverage on Summit Materials in a research note on Friday, February 23rd. They set an “overweight” rating and a $47.00 price target on the stock. Stephens reiterated an “overweight” rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Tuesday, February 13th. Truist Financial lifted their price target on shares of Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. The Goldman Sachs Group lifted their target price on shares of Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, March 14th. Finally, Citigroup boosted their price objective on Summit Materials from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $46.73.

Summit Materials Price Performance

NYSE SUM opened at $39.46 on Friday. Summit Materials has a 1-year low of $28.57 and a 1-year high of $44.89. The business’s fifty day moving average price is $41.66 and its 200-day moving average price is $38.12. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 17.62 and a beta of 1.34.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a return on equity of 8.96% and a net margin of 8.36%. The business had revenue of $773.23 million during the quarter, compared to analyst estimates of $803.98 million. During the same quarter in the prior year, the business posted ($0.26) EPS. Summit Materials’s revenue for the quarter was up 89.9% compared to the same quarter last year. On average, equities analysts predict that Summit Materials will post 2.21 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

Large investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC grew its stake in Summit Materials by 58.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 34,886 shares of the construction company’s stock worth $1,086,000 after purchasing an additional 12,911 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Summit Materials by 9.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 8,538 shares of the construction company’s stock worth $266,000 after buying an additional 734 shares during the period. Raymond James & Associates increased its stake in shares of Summit Materials by 96.5% during the third quarter. Raymond James & Associates now owns 159,926 shares of the construction company’s stock worth $4,980,000 after buying an additional 78,544 shares during the period. BluePath Capital Management LLC acquired a new stake in Summit Materials in the third quarter valued at approximately $32,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Summit Materials by 9.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 680,708 shares of the construction company’s stock worth $21,197,000 after acquiring an additional 56,432 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.