Charles Schwab Investment Management Inc. Has $68.42 Million Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Charles Schwab Investment Management Inc. raised its holdings in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) by 21.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,752,993 shares of the construction company's stock after purchasing an additional 313,957 shares during the period. Charles Schwab Investment Management Inc. owned 1.00% of Summit Materials worth $68,419,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Comerica Bank lifted its holdings in Summit Materials by 215.3% in the first quarter. Comerica Bank now owns 91,053 shares of the construction company's stock valued at $4,058,000 after buying an additional 62,173 shares during the period. American Trust lifted its stake in shares of Summit Materials by 8.6% in the 1st quarter. American Trust now owns 7,026 shares of the construction company's stock valued at $313,000 after purchasing an additional 557 shares during the period. First Hawaiian Bank boosted its position in shares of Summit Materials by 4.8% in the 2nd quarter. First Hawaiian Bank now owns 16,815 shares of the construction company's stock worth $616,000 after purchasing an additional 768 shares during the last quarter. Moody National Bank Trust Division grew its stake in shares of Summit Materials by 16.3% during the second quarter. Moody National Bank Trust Division now owns 26,871 shares of the construction company's stock worth $984,000 after purchasing an additional 3,768 shares during the period. Finally, Linden Thomas Advisory Services LLC increased its holdings in Summit Materials by 10.1% in the second quarter. Linden Thomas Advisory Services LLC now owns 10,945 shares of the construction company's stock valued at $401,000 after purchasing an additional 1,002 shares during the last quarter.

Summit Materials Stock Performance

NYSE:SUM traded down $0.15 during mid-day trading on Friday, hitting $50.94. 1,656,201 shares of the stock were exchanged, compared to its average volume of 1,310,994. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock has a market capitalization of $8.95 billion, a price-to-earnings ratio of 62.30 and a beta of 1.14. The firm's 50-day simple moving average is $43.98 and its 200 day simple moving average is $40.26. Summit Materials, Inc. has a fifty-two week low of $34.38 and a fifty-two week high of $53.49.

Summit Materials (NYSE:SUM - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate 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 in the prior year, the company posted $0.81 earnings per share. Summit Materials's revenue was up 49.9% compared to the same quarter last year. As a group, equities analysts anticipate that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SUM. Longbow Research restated a "neutral" rating on shares of Summit Materials in a research report on Tuesday. Stephens restated an "overweight" rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Monday. Morgan Stanley initiated coverage on shares of Summit Materials in a report on Monday, August 26th. They set an "overweight" rating and a $51.00 target price on the stock. Finally, Truist Financial reissued a "hold" rating and set a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Summit Materials presently has an average rating of "Hold" and an average target price of $50.81.

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.