Summit Materials Inc (NYSE:SUM) Given Consensus Recommendation of “Buy” by Brokerages

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Summit Materials Inc (NYSE:SUM) has earned a consensus recommendation of “Buy” from the fourteen analysts that are covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $22.25.

A number of research analysts recently weighed in on SUM shares. ValuEngine cut Summit Materials from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their target price on Summit Materials from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Barclays set a $22.00 target price on Summit Materials and gave the company a “hold” rating in a report on Tuesday, October 15th. Exane BNP Paribas started coverage on Summit Materials in a report on Wednesday, October 9th. They issued an “outperform” rating on the stock. Finally, DA Davidson lifted their target price on Summit Materials to $28.00 and gave the company a “buy” rating in a report on Thursday.

Summit Materials stock traded up $0.66 during midday trading on Friday, reaching $23.59. The stock had a trading volume of 1,807,143 shares, compared to its average volume of 1,333,234. Summit Materials has a twelve month low of $11.25 and a twelve month high of $24.42. The stock has a market capitalization of $2.57 billion, a PE ratio of 143.31 and a beta of 2.17. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.38 and a current ratio of 2.34. The stock’s 50-day simple moving average is $22.42 and its 200 day simple moving average is $19.02.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, October 30th. The construction company reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.20). Summit Materials had a net margin of 0.20% and a return on equity of 1.40%. The firm had revenue of $665.85 million during the quarter, compared to analyst estimates of $674.18 million. During the same quarter in the previous year, the business posted $0.54 EPS. Summit Materials’s revenue was up 6.5% compared to the same quarter last year. Equities analysts predict that Summit Materials will post 0.56 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC increased its position in shares of Summit Materials by 8.0% during the second quarter. HighTower Advisors LLC now owns 14,250 shares of the construction company’s stock worth $275,000 after acquiring an additional 1,050 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Summit Materials by 6.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 18,987 shares of the construction company’s stock valued at $365,000 after buying an additional 1,120 shares in the last quarter. Advisor Group Inc. increased its holdings in shares of Summit Materials by 9.7% in the second quarter. Advisor Group Inc. now owns 12,834 shares of the construction company’s stock valued at $248,000 after buying an additional 1,135 shares in the last quarter. Aperio Group LLC increased its holdings in shares of Summit Materials by 3.4% in the second quarter. Aperio Group LLC now owns 53,824 shares of the construction company’s stock valued at $1,036,000 after buying an additional 1,795 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Summit Materials by 10.0% in the second quarter. Envestnet Asset Management Inc. now owns 20,093 shares of the construction company’s stock valued at $387,000 after buying an additional 1,831 shares in the last quarter.

About Summit Materials

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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Analyst Recommendations for Summit Materials (NYSE:SUM)

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