StockNews.com downgraded shares of Summit Materials (NYSE:SUM – Free Report) from a hold rating to a sell rating in a research note released on Friday.
A number of other equities analysts have also commented on the stock. Truist Financial boosted their price objective 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. Royal Bank of Canada increased their price target on Summit Materials from $44.00 to $46.00 and gave the company a sector perform rating in a report on Friday. Barclays lifted their price objective on Summit Materials from $40.00 to $45.00 and gave the stock an equal weight rating in a report on Thursday, March 14th. JPMorgan Chase & Co. started coverage on shares of Summit Materials in a research report on Friday, February 23rd. They set an overweight rating and a $47.00 price target for the company. Finally, Stephens upped their price target on shares of Summit Materials from $47.00 to $50.00 and gave the company an overweight rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Summit Materials has an average rating of Hold and an average target price of $46.73.
View Our Latest Stock Analysis on Summit Materials
Summit Materials Trading Up 3.6 %
Summit Materials (NYSE:SUM – Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $803.98 million. During the same period in the previous year, the company posted ($0.26) EPS. Summit Materials’s revenue for the quarter was up 89.9% on a year-over-year basis. Equities analysts forecast that Summit Materials will post 2.21 earnings per share for the current fiscal year.
Institutional Trading of Summit Materials
A number of large investors have recently modified their holdings of SUM. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Summit Materials in the first quarter valued at approximately $102,000. Central Pacific Bank Trust Division acquired a new position in Summit Materials during the 1st quarter worth $302,000. Fidelis Capital Partners LLC acquired a new position in Summit Materials during the 1st quarter worth $143,000. Capstone Investment Advisors LLC bought a new stake in shares of Summit Materials during the first quarter valued at about $256,000. Finally, Janney Montgomery Scott LLC lifted its holdings in Summit Materials by 39.0% in the first quarter. Janney Montgomery Scott LLC now owns 18,839 shares of the construction company’s stock worth $840,000 after purchasing an additional 5,286 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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