Summit Materials (NYSE:SUM) Given Hold Rating at Truist Financial

Truist Financial reaffirmed their hold rating on shares of Summit Materials (NYSE:SUM) in a research note released on Tuesday morning, Marketbeat.com reports. The brokerage currently has a $52.50 price target on the construction company’s stock, down from their previous price target of $60.00.

A number of other research analysts also recently commented on the stock. Morgan Stanley assumed coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Stephens reissued an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Loop Capital reaffirmed a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Tuesday. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Stock Down 0.3 %

SUM stock opened at $50.94 on Tuesday. Summit Materials has a 52 week low of $34.38 and a 52 week high of $53.49. 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 company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 62.12 and a beta of 1.14. The firm’s 50-day moving average is $44.21 and its two-hundred day moving average is $40.34.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business 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%. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 EPS. On average, analysts forecast that Summit Materials will post 1.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUM. Silvercrest Asset Management Group LLC raised its holdings in Summit Materials by 38.9% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 147,375 shares of the construction company’s stock valued at $6,569,000 after buying an additional 41,281 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Summit Materials in the 1st quarter valued at about $726,000. Comerica Bank increased its position in Summit Materials by 215.3% in the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after buying an additional 62,173 shares in the last quarter. American Trust grew its stake in Summit Materials by 8.6% in the first quarter. American Trust now owns 7,026 shares of the construction company’s stock valued at $313,000 after acquiring an additional 557 shares during the period. Finally, First Hawaiian Bank raised its holdings in Summit Materials by 4.8% during the second quarter. First Hawaiian Bank now owns 16,815 shares of the construction company’s stock worth $616,000 after buying an additional 768 shares during the last quarter.

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.