Summit Materials, Inc. (NYSE:SUM) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Summit Materials, Inc. (NYSE:SUM) has received a consensus rating of “Moderate Buy” from the eleven brokerages that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $47.40.

Several brokerages recently commented on SUM. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 target price on shares of Summit Materials in a research report on Wednesday, August 7th. Citigroup raised their price objective on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research note on Wednesday, May 15th. Stifel Nicolaus dropped their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Finally, Morgan Stanley began coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock.

Institutional Investors Weigh In On Summit Materials

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC increased its position in Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after purchasing an additional 399 shares during the period. Quest Partners LLC bought a new stake in shares of Summit Materials during the second quarter worth approximately $40,000. Register Financial Advisors LLC acquired a new position in Summit Materials in the first quarter valued at approximately $45,000. Quadrant Capital Group LLC boosted its stake in Summit Materials by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after acquiring an additional 382 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in Summit Materials in the first quarter valued at approximately $102,000.

Summit Materials Stock Down 2.5 %

NYSE SUM opened at $36.81 on Thursday. Summit Materials has a twelve month low of $29.98 and a twelve month high of $44.89. The stock has a market cap of $6.46 billion, a PE ratio of 16.43 and a beta of 1.15. The firm has a 50-day simple moving average of $38.49 and a 200 day simple moving average of $39.71. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the firm posted $0.71 EPS. The company’s revenue for the quarter was up 58.1% on a year-over-year basis. On average, research analysts forecast that Summit Materials will post 1.69 EPS for the current year.

About Summit Materials

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.