Royal Bank of Canada Upgrades Summit Materials (NYSE:SUM) to Outperform

Summit Materials (NYSE:SUM) was upgraded by stock analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research note issued on Friday, Marketbeat.com reports. The brokerage currently has a $53.00 target price on the construction company’s stock, up from their previous target price of $45.00. Royal Bank of Canada’s price objective indicates a potential upside of 17.52% from the stock’s previous close.

SUM has been the subject of several other reports. DA Davidson reiterated a “neutral” rating and set a $41.00 target price on shares of Summit Materials in a research note on Tuesday, October 15th. Truist Financial cut their price objective on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Stifel Nicolaus cut their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Finally, Stephens reissued an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.83.

Summit Materials Trading Up 4.2 %

Summit Materials stock opened at $45.10 on Friday. Summit Materials has a 52 week low of $30.83 and a 52 week high of $46.20. 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 firm has a market capitalization of $7.91 billion, a PE ratio of 20.13 and a beta of 1.17. The business’s 50-day simple moving average is $38.93 and its 200-day simple moving average is $38.73.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the business posted $0.71 EPS. The company’s revenue for the quarter was up 58.1% on a year-over-year basis. Equities research analysts forecast that Summit Materials will post 1.63 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

Institutional investors and hedge funds have recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new position in Summit Materials during the 3rd quarter valued at about $27,000. Toth Financial Advisory Corp increased its holdings in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Summit Materials in the 2nd quarter worth approximately $40,000. Finally, Register Financial Advisors LLC bought a new stake in Summit Materials during the 1st quarter worth approximately $45,000.

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.