Citigroup Analysts Give Summit Materials (SUM) a $21.00 Price Target

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Summit Materials (NYSE:SUM) has been assigned a $21.00 target price by analysts at Citigroup in a report released on Thursday. The brokerage presently has a “buy” rating on the construction company’s stock. Citigroup’s price objective would indicate a potential upside of 51.95% from the company’s previous close.

SUM has been the topic of a number of other reports. Stifel Nicolaus dropped their price objective on shares of Summit Materials from $38.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, August 3rd. ValuEngine lowered shares of Summit Materials from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. Stephens set a $24.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a report on Thursday, August 2nd. Barclays dropped their price objective on shares of Summit Materials from $30.00 to $24.00 and set an “equal weight” rating on the stock in a report on Thursday, August 2nd. Finally, Royal Bank of Canada set a $18.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $26.70.

Shares of NYSE:SUM traded down $0.35 during midday trading on Thursday, reaching $13.82. 3,793,706 shares of the company were exchanged, compared to its average volume of 4,966,191. Summit Materials has a fifty-two week low of $11.67 and a fifty-two week high of $34.06. The company has a quick ratio of 1.26, a current ratio of 2.30 and a debt-to-equity ratio of 1.33. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 1.66 and a beta of 1.80.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.21). Summit Materials had a return on equity of 6.74% and a net margin of 4.64%. The company had revenue of $625.00 million for the quarter, compared to analyst estimates of $638.93 million. During the same quarter in the previous year, the business earned $0.73 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. Research analysts expect that Summit Materials will post 0.61 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in SUM. Bank of Montreal Can grew its position in Summit Materials by 55.1% in the second quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock valued at $149,000 after purchasing an additional 2,025 shares in the last quarter. Cubist Systematic Strategies LLC grew its position in Summit Materials by 626.2% in the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock valued at $226,000 after purchasing an additional 7,420 shares in the last quarter. Sheets Smith Wealth Management bought a new position in Summit Materials in the third quarter valued at $230,000. Quantitative Systematic Strategies LLC bought a new position in Summit Materials in the second quarter valued at $312,000. Finally, Amalgamated Bank grew its position in Summit Materials by 15.8% in the second quarter. Amalgamated Bank now owns 17,117 shares of the construction company’s stock valued at $449,000 after purchasing an additional 2,333 shares in the last quarter.

Summit Materials Company Profile

Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.

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Analyst Recommendations for Summit Materials (NYSE:SUM)

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