Summit Materials (NYSE:SUM) Hits New 52-Week High on Analyst Upgrade

Summit Materials, Inc. (NYSE:SUM) hit a new 52-week high on Wednesday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $51.68 and last traded at $51.47, with a volume of 4305 shares changing hands. The stock had previously closed at $47.42.

A number of other equities analysts also recently weighed in on the stock. Truist Financial raised their target price on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Jefferies Financial Group decreased their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Royal Bank of Canada raised their price target on shares of Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. DA Davidson raised their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Stephens reissued an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.38.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SUM. V Square Quantitative Management LLC purchased a new position in shares of Summit Materials during the 3rd quarter valued at $27,000. Toth Financial Advisory Corp lifted its stake in shares of Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after buying an additional 913 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Summit Materials during the 2nd quarter valued at $40,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of Summit Materials by 275.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after buying an additional 951 shares in the last quarter.

Summit Materials Stock Performance

The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $40.19 and its two-hundred day moving average is $39.14. The company has a market cap of $8.95 billion, a PE ratio of 62.18 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 EPS. On average, equities research analysts anticipate that Summit Materials, Inc. will post 1.6 EPS for the current year.

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.