Research analysts at JPMorgan Chase & Co. decreased Summit Materials’ (NYSE:SUM) target price from $37.00 to $34.00, according to a letter delivered to investors on Thursday. The price target set by JPMorgan Chase & Co. indicates that the stock might rise 14.32% from its most recent closing price.
Other analysts’ opinions of the stock have also recently been the focus of reviews. The Goldman Sachs Group downgraded their price target from $28.50 to $24.50 and maintained a “neutral” rating for Summit Materials in a research note released on Friday, October 14. In a research note released on October 13th, Morgan Stanley cut its “equal weight” rating and price target on Summit Materials’ shares from $29.00 to $28.00. The shares of Summit Materials were raised by TheStreet from “c-” to “b” on August 10. StockNews.com started to cover shares of Summit Materials in a research report on Wednesday, October 12. They gave the company a “hold” rating. DA Davidson lowered their target price on shares of Summit Materials from $33.00 to $31.00 in a report on Wednesday, October 12th. Five analysts rated the stock as a hold, and five others gave the company a buy recommendation. According to information from Bloomberg.com, the business now has a consensus rating of “Moderate Buy” and an average price objective of $31.72.
NYSE SUM shares started trading at $29.74 on Thursday. The 52-week range for Summit Materials is between $21.99 and $41.46. The stock’s fifty-day moving average is $27.21; its 200-day moving average is $26.95. The stock has a $3.46 billion market cap, a PE ratio of 12.34, and a beta value of 1.38. Debt-to-equity, current, quick, and quick ratios for the company are 0.76, 2.76, 3.39, and 3.39, respectively.
Institutional investors, in particular hedge funds, have recently made changes to their holdings of the company’s stock. Envestnet Asset Management Inc. grew its stake in Summit Materials by 9.9% during the first quarter. 106,261 shares in the construction sector are now owned by Envestnet Asset Management Inc., valued at $3,300,000. Following the most recent quarter’s purchase of 9,576 more shares, this transaction was made. IndexIQ Advisors LLC increased its stake in Summit Materials by $390,000 in the first quarter. Brown Advisory Inc. upped its interest in Summit Materials by 517.0% during the first quarter. Brown Advisory Inc. now owns 62,186 shares of the construction company worth $1,931,000 after acquiring an additional 52,108 shares in the most recent quarter. The Teacher Retirement System of Texas grew its holding in Summit Materials by 6.3% during the first quarter. The Teacher Retirement System of Texas now owns 24,332 shares of the construction company, worth $756,000, after acquiring an additional 1,433 shares in the most recent quarter. Swiss National Bank grew its ownership of Summit Materials by 7.9% during the first quarter. Swiss National Bank increased its holdings in shares of the construction business by $20,600 over the most recent quarter, bringing its total holdings to 280,359, valued at $8,708,000.
Through its subsidiaries, Summit Materials, Inc. develops and provides building supplies for the non-residential, residential, and public infrastructure end markets. Its three operating segments are west, east, and cement. The business sells aggregates, cement, ready-mix concrete, asphalt paving mixtures, and plastic parts for use in concrete products.