Royce & Associates LP Boosts Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Royce & Associates LP raised its stake in Summit Materials, Inc. (NYSE:SUM) by 5.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 369,869 shares of the construction company’s stock after purchasing an additional 19,870 shares during the period. Royce & Associates LP’s holdings in Summit Materials were worth $14,436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new stake in shares of Summit Materials in the 3rd quarter valued at approximately $27,000. Toth Financial Advisory Corp lifted its stake in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Summit Materials in the 2nd quarter valued at $40,000. Finally, Farther Finance Advisors LLC raised its stake in Summit Materials by 275.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after acquiring an additional 951 shares in the last quarter.

Summit Materials Stock Down 0.2 %

Shares of NYSE SUM opened at $48.43 on Friday. Summit Materials, Inc. has a 52-week low of $33.70 and a 52-week high of $51.74. The stock has a market capitalization of $8.50 billion, a PE ratio of 59.06 and a beta of 1.14. 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 firm has a fifty day moving average of $41.74 and a 200-day moving average of $39.62.

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

Analyst Ratings Changes

Several research firms have recently weighed in on SUM. Truist Financial boosted their target price on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. Royal Bank of Canada raised their price objective on shares of Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. lowered their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Stephens reiterated an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Finally, Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average 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.