Summit Materials (NYSE:SUM) Upgraded by Barclays to “Overweight” Rating

Barclays upgraded shares of Summit Materials (NYSE:SUM) from an equal weight rating to an overweight rating in a research note published on Tuesday morning, Marketbeat reports. Barclays currently has $52.00 price objective on the construction company’s stock, up from their prior price objective of $45.00.

A number of other equities analysts have also weighed in on the stock. Jefferies Financial Group cut their price objective on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Royal Bank of Canada raised Summit Materials from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $45.00 to $53.00 in a research note on Friday, October 25th. Morgan Stanley assumed coverage on Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. Finally, DA Davidson reiterated a “neutral” rating and issued a $41.00 target price on shares of Summit Materials in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Summit Materials has a consensus rating of “Moderate Buy” and a consensus target price of $49.92.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $47.83 on Tuesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The business’s fifty day moving average price is $39.67 and its two-hundred day moving average price is $38.94. The stock has a market cap of $8.40 billion, a PE ratio of 58.33 and a beta of 1.17. Summit Materials has a one year low of $32.32 and a one year high of $48.22.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 7.30% and a net margin of 3.92%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the company earned $0.81 earnings per share. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. On average, analysts forecast that Summit Materials will post 1.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Materials

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after buying an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Summit Materials by 0.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after acquiring an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after acquiring an additional 448,922 shares during the period. Principal Financial Group Inc. grew its position in Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 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.