Royal Bank of Canada set a $18.00 target price on Summit Materials (NYSE:SUM) in a research note issued to investors on Wednesday. The brokerage currently has a buy rating on the construction company’s stock.
Several other equities research analysts have also recently commented on the company. Stephens set a $21.00 target price on Summit Materials and gave the stock a buy rating in a report on Wednesday, October 17th. DA Davidson set a $28.00 target price on Summit Materials and gave the stock a buy rating in a report on Thursday, October 11th. ValuEngine cut Summit Materials from a sell rating to a strong sell rating in a report on Tuesday, September 11th. Stifel Nicolaus dropped their target price on Summit Materials from $38.00 to $34.00 and set a buy rating on the stock in a report on Friday, August 3rd. Finally, Barclays dropped their target price on Summit Materials from $30.00 to $24.00 and set an equal weight rating on the stock in a report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. Summit Materials has a consensus rating of Buy and a consensus target price of $26.70.
NYSE:SUM traded down $0.35 during midday trading on Wednesday, hitting $13.82. 3,793,706 shares of the stock were exchanged, compared to its average volume of 4,966,191. Summit Materials has a one year low of $11.67 and a one year high of $34.06. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 1.66 and a beta of 1.80. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.30 and a quick ratio of 1.26.
Summit Materials (NYSE:SUM) last announced its earnings results on Tuesday, November 6th. The construction company reported $0.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.21). Summit Materials had a return on equity of 6.74% and a net margin of 4.64%. The firm had revenue of $625.00 million for the quarter, compared to the consensus estimate of $638.93 million. During the same period in the previous year, the firm earned $0.73 EPS. Summit Materials’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, sell-side analysts expect that Summit Materials will post 0.61 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of SUM. Janus Henderson Group PLC increased its holdings in shares of Summit Materials by 47.0% in the third quarter. Janus Henderson Group PLC now owns 8,620,282 shares of the construction company’s stock valued at $156,717,000 after buying an additional 2,758,136 shares in the last quarter. Carillon Tower Advisers Inc. bought a new position in shares of Summit Materials in the second quarter valued at $50,352,000. Eagle Asset Management Inc. increased its holdings in shares of Summit Materials by 195.5% in the second quarter. Eagle Asset Management Inc. now owns 2,876,811 shares of the construction company’s stock valued at $75,516,000 after buying an additional 1,903,266 shares in the last quarter. Ashler Capital LLC bought a new position in shares of Summit Materials in the second quarter valued at $21,188,000. Finally, State of New Jersey Common Pension Fund D increased its holdings in shares of Summit Materials by 3,155.8% in the third quarter. State of New Jersey Common Pension Fund D now owns 660,280 shares of the construction company’s stock valued at $12,004,000 after buying an additional 640,000 shares in the last quarter.
About Summit Materials
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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