Summit Materials (NYSE:SUM) Hits New 12-Month High – Time to Buy?

by · The Markets Daily

Summit Materials, Inc. (NYSE:SUM – Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $53.49 and last traded at $51.87, with a volume of 1423985 shares changing hands. The stock had previously closed at $48.40.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SUM shares. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Morgan Stanley started coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. DA Davidson lifted their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Jefferies Financial Group dropped their target price on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada boosted their target price on Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.38.

Get Our Latest Research Report on Summit Materials

Summit Materials Stock Performance

The stock has a fifty day moving average of $42.49 and a 200-day moving average of $39.81. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $8.98 billion, a PE ratio of 59.04 and a beta of 1.14.

Summit Materials (NYSE:SUM – Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.81 EPS. Equities analysts anticipate that Summit Materials, Inc. will post 1.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently bought and sold shares of SUM. Johnson Investment Counsel Inc. grew its stake in shares of Summit Materials by 5.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after purchasing an additional 327 shares during the period. Assetmark Inc. boosted its position in shares of Summit Materials by 6.3% in the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after buying an additional 411 shares in the last quarter. Waycross Investment Management Co boosted its position in shares of Summit Materials by 1.0% in the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after buying an additional 412 shares in the last quarter. Xponance Inc. boosted its position in shares of Summit Materials by 6.2% in the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after buying an additional 448 shares in the last quarter. Finally, Toth Financial Advisory Corp boosted its position in shares of Summit Materials by 147.1% in the 3rd 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.

Summit Materials Company Profile

(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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