Jefferies Financial Group Trims Summit Materials (NYSE:SUM) Target Price to $56.00

by · The Markets Daily

Summit Materials (NYSE:SUM – Free Report) had its target price lowered by Jefferies Financial Group from $58.00 to $56.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

A number of other equities analysts also recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of Summit Materials from $55.00 to $47.00 and set a buy rating for the company in a report on Wednesday, July 3rd. Truist Financial reduced their price objective on shares of Summit Materials from $53.00 to $47.00 and set a buy rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on shares of Summit Materials from $47.00 to $43.00 and set an overweight rating for the company in a report on Wednesday. Stephens reaffirmed an overweight rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Finally, Morgan Stanley started coverage on shares of Summit Materials in a report on Monday, August 26th. They set an overweight rating and a $51.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $47.73.

View Our Latest Stock Report on SUM

Summit Materials Price Performance

Shares of Summit Materials stock opened at $38.57 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials has a fifty-two week low of $30.83 and a fifty-two week high of $44.89. The firm has a fifty day moving average price of $38.29 and a two-hundred day moving average price of $38.88. The company has a market cap of $6.77 billion, a PE ratio of 18.02 and a beta of 1.17.

Summit Materials (NYSE:SUM – Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the firm earned $0.71 EPS. The business’s revenue was up 58.1% on a year-over-year basis. Analysts expect that Summit Materials will post 1.67 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

Institutional investors have recently modified their holdings of the business. Norden Group LLC grew its position in shares of Summit Materials by 1,038.9% during the 1st quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock worth $5,427,000 after buying an additional 111,069 shares during the period. Vanguard Group Inc. grew its position in shares of Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after buying an additional 262,179 shares during the period. Congress Asset Management Co. MA grew its position in shares of Summit Materials by 9.2% during the 1st quarter. Congress Asset Management Co. MA now owns 427,672 shares of the construction company’s stock worth $19,061,000 after buying an additional 36,004 shares during the period. Cobalt Capital Management Inc. acquired a new stake in shares of Summit Materials during the 4th quarter worth approximately $1,538,000. Finally, Nomura Holdings Inc. grew its holdings in Summit Materials by 81.4% during the fourth quarter. Nomura Holdings Inc. now owns 49,782 shares of the construction company’s stock valued at $1,915,000 after purchasing an additional 22,341 shares during the period.

About Summit Materials

(Get Free Report)

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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