Townsquare Capital LLC Buys 4,321 Shares of Summit Materials, Inc. (NYSE:SUM)

Townsquare Capital LLC raised its stake in Summit Materials, Inc. (NYSE:SUM) by 6.2% during the third quarter, HoldingsChannel.com reports. The fund owned 73,986 shares of the construction company’s stock after acquiring an additional 4,321 shares during the quarter. Townsquare Capital LLC’s holdings in Summit Materials were worth $2,888,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SUM. Massachusetts Financial Services Co. MA grew its holdings in shares of Summit Materials by 6.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after purchasing an additional 429,062 shares during the last quarter. Principal Financial Group Inc. boosted its position in Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after buying an additional 94,694 shares in the last quarter. Victory Capital Management Inc. grew its stake in Summit Materials by 7.0% during the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after buying an additional 241,757 shares during the last quarter. River Road Asset Management LLC increased its holdings in shares of Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after buying an additional 488,688 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after acquiring an additional 399,072 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Truist Financial restated a “hold” rating and set a $52.50 price target (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. DA Davidson raised their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Citigroup restated a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Materials presently has a consensus rating of “Hold” and a consensus target price of $50.81.

Summit Materials Trading Down 0.3 %

NYSE:SUM opened at $50.94 on Friday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 1-year low of $34.38 and a 1-year high of $53.49. The firm has a market capitalization of $8.95 billion, a price-to-earnings ratio of 62.12 and a beta of 1.14. The business’s 50-day moving average price is $44.21 and its two-hundred day moving average price is $40.33.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating 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 business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the company posted $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, equities analysts expect that Summit Materials, Inc. will post 1.64 earnings per share for the current year.

About Summit Materials

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.