Summit Materials, Inc. (NYSE:SUM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Posted by Defense World Staff on May 19th, 2023

Shares of Summit Materials, Inc. (NYSE:SUM – Get Rating) have received a consensus rating of “Moderate Buy” from the fifteen analysts that are covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $34.09.

A number of equities analysts have weighed in on SUM shares. Morgan Stanley boosted their price target on Summit Materials from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday, January 20th. The Goldman Sachs Group boosted their price target on Summit Materials from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, January 23rd. Seaport Res Ptn reissued a “neutral” rating on shares of Summit Materials in a research note on Friday, February 10th. StockNews.com assumed coverage on shares of Summit Materials in a research report on Thursday. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. lowered Summit Materials from an “overweight” rating to a “neutral” rating in a research note on Friday, March 10th.

Summit Materials Trading Up 1.9 %

SUM opened at $32.56 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.42 and a quick ratio of 2.52. The company has a market cap of $3.87 billion, a price-to-earnings ratio of 14.27 and a beta of 1.41. The firm has a 50 day simple moving average of $28.06 and a 200 day simple moving average of $29.47. Summit Materials has a fifty-two week low of $21.99 and a fifty-two week high of $34.40.

Summit Materials (NYSE:SUM – Get Rating) last issued its quarterly earnings data on Wednesday, May 3rd. The construction company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.12. Summit Materials had a net margin of 11.36% and a return on equity of 8.28%. The company had revenue of $407.27 million during the quarter, compared to the consensus estimate of $396.61 million. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Summit Materials will post 1.46 earnings per share for the current year.

Institutional Investors Weigh In On Summit Materials

Several hedge funds have recently modified their holdings of SUM. JPMorgan Chase & Co. grew its position in Summit Materials by 10.3% in the 1st quarter. JPMorgan Chase & Co. now owns 140,394 shares of the construction company’s stock valued at $4,361,000 after buying an additional 13,146 shares in the last quarter. Raymond James & Associates increased its stake in shares of Summit Materials by 7.5% in the first quarter. Raymond James & Associates now owns 87,697 shares of the construction company’s stock valued at $2,724,000 after buying an additional 6,154 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Summit Materials by 234.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 46,845 shares of the construction company’s stock valued at $1,455,000 after acquiring an additional 32,858 shares during the last quarter. Private Advisor Group LLC boosted its stake in Summit Materials by 8.0% during the 1st quarter. Private Advisor Group LLC now owns 11,654 shares of the construction company’s stock worth $362,000 after acquiring an additional 866 shares during the last quarter. Finally, Bank of Montreal Can grew its holdings in shares of Summit Materials by 19.4% during the first quarter. Bank of Montreal Can now owns 11,550 shares of the construction company’s stock worth $366,000 after buying an additional 1,876 shares in the last quarter.

Summit Materials Company Profile

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Summit Materials, Inc is a construction materials company. It manufactures construction materials and related downstream products. The firm operates its business through the following segments: Cement, West and East. The Cement consists of its Hannibal, Missouri and Davenport, Iowa cement plants and distribution terminals along the Mississippi river from Minnesota to Louisiana.