Summit Materials (NYSE:SUM) Earns “Neutral” Rating from Citigroup

Citigroup reiterated their neutral rating on shares of Summit Materials (NYSE:SUM) in a report released on Tuesday, Marketbeat reports. The firm currently has a $52.50 price objective on the construction company’s stock, down from their previous price objective of $55.00.

Several other analysts have also issued reports on the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Jefferies Financial Group lowered their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Truist Financial lifted their price target on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Loop Capital raised their price target on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, StockNews.com cut Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $50.81.

Summit Materials Stock Performance

Shares of SUM opened at $50.94 on Tuesday. The firm has a market cap of $8.95 billion, a P/E ratio of 62.12 and a beta of 1.14. The firm’s 50 day moving average price is $44.21 and its two-hundred day moving average price is $40.34. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a twelve month low of $34.38 and a twelve month high of $53.49.

Summit Materials (NYSE:SUM) last announced 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 net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the firm posted $0.81 EPS. The company’s quarterly revenue was up 49.9% on a year-over-year basis. On average, analysts forecast that Summit Materials will post 1.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds have recently made changes to their positions in SUM. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials in the third quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Summit Materials in the third quarter valued at $28,000. Toth Financial Advisory Corp increased its position in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Summit Materials by 3,804.2% in the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after buying an additional 913 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in Summit Materials in the second quarter worth about $40,000.

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.