Intech Investment Management LLC Makes New Investment in Summit Materials, Inc. (NYSE:SUM)

Intech Investment Management LLC bought a new stake in Summit Materials, Inc. (NYSE:SUM - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 28,099 shares of the construction company's stock, valued at approximately $1,097,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Johnson Investment Counsel Inc. raised its holdings in shares of Summit Materials by 5.8% in the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company's stock valued at $218,000 after buying an additional 327 shares during the last quarter. Assetmark Inc. increased its stake in shares of Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company's stock worth $270,000 after acquiring an additional 411 shares during the period. Waycross Investment Management Co increased its stake in shares of Summit Materials by 1.0% during the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company's stock worth $1,504,000 after acquiring an additional 412 shares during the period. Xponance Inc. increased its stake in shares of Summit Materials by 6.2% during the second quarter. Xponance Inc. now owns 7,687 shares of the construction company's stock worth $281,000 after acquiring an additional 448 shares during the period. Finally, Toth Financial Advisory Corp increased its stake in shares of 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 acquiring an additional 500 shares during the period.

Summit Materials Trading Up 0.5 %

Shares of SUM traded up $0.24 on Thursday, hitting $51.09. 5,738,271 shares of the stock traded hands, compared to its average volume of 1,309,493. 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 market capitalization of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14. The stock's 50 day moving average is $43.98 and its two-hundred day moving average is $40.26. Summit Materials, Inc. has a 1 year low of $34.38 and a 1 year high of $53.49.

Summit Materials (NYSE:SUM - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company's quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, sell-side analysts predict that Summit Materials, Inc. will post 1.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SUM. Truist Financial reiterated a "hold" rating and set a $52.50 price target (down from $60.00) on shares of Summit Materials in a research note on Tuesday. Loop Capital reiterated a "hold" rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a research note on Tuesday. Morgan Stanley began coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an "overweight" rating and a $51.00 price target on the stock. Stephens restated an "overweight" rating and set a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a research report on Monday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Summit Materials currently has an average rating of "Hold" and an average target price of $50.81.

Summit Materials Company 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.