Summit Materials, Inc. (NYSE:SUM) Shares Bought by Royce & Associates LP

Royce & Associates LP boosted its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 5.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 369,869 shares of the construction company’s stock after purchasing an additional 19,870 shares during the period. Royce & Associates LP owned approximately 0.21% of Summit Materials worth $14,436,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Summit Materials by 0.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after purchasing an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after buying an additional 448,922 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after buying an additional 94,694 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after buying an additional 241,757 shares in the last quarter.

Summit Materials Price Performance

Shares of SUM opened at $48.43 on Friday. The firm has a 50-day simple moving average of $41.74 and a two-hundred day simple moving average of $39.62. The stock has a market cap of $8.50 billion, a PE ratio of 59.06 and a beta of 1.14. Summit Materials, Inc. has a 1-year low of $33.70 and a 1-year high of $51.74. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue was up 49.9% compared to the same quarter last year. As a group, analysts forecast that Summit Materials, Inc. will post 1.64 EPS for the current year.

Analyst Upgrades and Downgrades

SUM has been the topic of several research analyst reports. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. JPMorgan Chase & Co. decreased their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. Royal Bank of Canada upped their target price on Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, DA Davidson raised their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Profile

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.