Summit Materials (NYSE:SUM – Get Free Report) had its price objective increased by equities researchers at Stephens from $47.00 to $50.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. Stephens’ price objective would suggest a potential upside of 26.68% from the stock’s current price.
SUM has been the topic of several other reports. The Goldman Sachs Group raised their target price on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, March 14th. Truist Financial upped their price objective on Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Barclays raised their price objective on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Citigroup upped their price objective on Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Finally, Royal Bank of Canada boosted their price target on shares of Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Friday. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $46.73.
Read Our Latest Stock Analysis on Summit Materials
Summit Materials Stock Up 0.9 %
Summit Materials (NYSE:SUM – Get Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.11. Summit Materials had a return on equity of 8.96% and a net margin of 8.36%. The firm had revenue of $773.23 million for the quarter, compared to analysts’ expectations of $803.98 million. During the same quarter last year, the business earned ($0.26) EPS. The company’s quarterly revenue was up 89.9% compared to the same quarter last year. On average, sell-side analysts forecast that Summit Materials will post 2.23 EPS for the current fiscal year.
Institutional Investors Weigh In On Summit Materials
A number of large investors have recently added to or reduced their stakes in the company. Swisher Financial Concepts Inc. raised its stake in Summit Materials by 5.3% in the first quarter. Swisher Financial Concepts Inc. now owns 6,232 shares of the construction company’s stock worth $259,000 after buying an additional 311 shares in the last quarter. Signaturefd LLC boosted its position in shares of Summit Materials by 110.3% during the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares in the last quarter. Janney Capital Management LLC grew its stake in Summit Materials by 2.7% in the third quarter. Janney Capital Management LLC now owns 13,160 shares of the construction company’s stock worth $410,000 after purchasing an additional 350 shares during the period. Quadrant Capital Group LLC raised its holdings 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 worth $73,000 after purchasing an additional 382 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after buying an additional 399 shares during the period.
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.
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