Several other brokerages have also recently weighed in on SUM. Morgan Stanley raised its price target on Summit Materials shares from $27.00 to $29.00 and gave the company an “equal weight” rating in a report on Monday. Wolfe Research cut its price target on Summit Materials shares from $41.00 to $28.00 and set an “outperform” rating on the stock in a Thursday, July 14 report. Citigroup raised its target price on shares of Summit Materials to $35.00 in a report released Tuesday. Royal Bank of Canada downgraded shares of Summit Materials from an “sector performance” rating to an “outperform” rating and reduced its target price for the company from $33.00 to $31.00 in a report from Wednesday, June 22. Finally, DA Davidson raised its target price on Summit Materials shares to $33.00 in a report released Tuesday. Five analysts gave the stock a hold rating and three gave the stock a buy rating. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $32.29.
Summit Materials trades up 0.3%
NYSE SUM opened at $31.35 on Wednesday. The company has a 50-day simple moving average of $25.55 and a 200-day simple moving average of $28.74. The company has a debt ratio of 0.78, a quick ratio of 1.94 and a current ratio of 3.17. Summit Materials has a one-year low of $21.99 and a one-year high of $41.46. The company has a market capitalization of $3.70 billion, a price-earnings ratio of 13.63 and a beta of 1.37.
Summit Materials Institutional Trading
Hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. Capital International Investors increased its position in Summit Materials shares by 59.6% during the fourth quarter. Capital International Investors now owns 6,384,589 shares of the construction company worth $256,277,000 after acquiring 2,383,606 additional shares in the last quarter. Principal Financial Group Inc. increased its position in Summit Materials shares by 16.0% during the first quarter. Principal Financial Group Inc. now owns 6,577,408 shares of the construction company worth $204,295,000 after acquiring 905,585 additional shares in the last quarter. River Road Asset Management LLC purchased a new stock position in Summit Materials during the second quarter for a value of approximately $16,566,000. Sasco Capital Inc. CT increased its position in Summit Materials shares by 114.2% in the first quarter. Sasco Capital Inc. CT now owns 994,280 shares of the construction company worth $30,882,000 after acquiring an additional 530,200 shares in the last quarter. Finally, Jennison Associates LLC increased its position in Summit Materials shares by 25.8% during the second quarter. Jennison Associates LLC now owns 2,433,480 shares of the construction company worth $56,676,000 after acquiring 499,514 additional shares in the last quarter.
About Summit Materials
Summit Materials, Inc, through its subsidiaries, produces and sells building materials and related downstream products for public infrastructure and residential and non-residential end markets. It operates through three segments: West, East and Cement. The Company’s products include aggregates, cement, ready-mixed concrete, asphalt mixes and concrete products, as well as plastic components.
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