Summit Materials (NYSE:SUM – Free Report) had its target price lifted by Royal Bank of Canada from $44.00 to $46.00 in a research note issued to investors on Friday morning, Benzinga reports. The firm currently has a sector perform rating on the construction company’s stock.
Other equities analysts also recently issued reports about the stock. Truist Financial boosted their target price on shares of Summit Materials from $50.00 to $53.00 and gave the stock a buy rating in a report on Tuesday, April 2nd. Citigroup upped their price target on Summit Materials from $46.00 to $51.00 and gave the stock a buy rating in a research report on Friday, April 5th. The Goldman Sachs Group boosted their target price on Summit Materials from $43.00 to $49.00 and gave the stock a neutral rating in a research note on Thursday, March 14th. JPMorgan Chase & Co. initiated coverage on Summit Materials in a research note on Friday, February 23rd. They issued an overweight rating and a $47.00 price target for the company. Finally, Barclays increased their price objective on shares of Summit Materials from $40.00 to $45.00 and gave the company an equal weight rating in a research report on Thursday, March 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $46.73.
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Summit Materials Trading Up 2.2 %
Summit Materials (NYSE:SUM – Get Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The firm had revenue of $773.23 million during the quarter, compared to analyst estimates of $803.98 million. During the same period last year, the company earned ($0.26) EPS. Summit Materials’s quarterly revenue was up 89.9% compared to the same quarter last year. Analysts forecast that Summit Materials will post 2.21 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Summit Materials
A number of institutional investors have recently modified their holdings of SUM. Commonwealth Equity Services LLC lifted its holdings in Summit Materials by 58.8% in the third quarter. Commonwealth Equity Services LLC now owns 34,886 shares of the construction company’s stock valued at $1,086,000 after acquiring an additional 12,911 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in Summit Materials by 9.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 8,538 shares of the construction company’s stock valued at $266,000 after buying an additional 734 shares during the period. Raymond James & Associates raised its position in shares of Summit Materials by 96.5% in the third quarter. Raymond James & Associates now owns 159,926 shares of the construction company’s stock worth $4,980,000 after acquiring an additional 78,544 shares during the period. BluePath Capital Management LLC purchased a new stake in shares of Summit Materials during the 3rd quarter worth about $32,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Summit Materials by 9.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 680,708 shares of the construction company’s stock valued at $21,197,000 after acquiring an additional 56,432 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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