Rhumbline Advisers Buys 18,625 Shares of Summit Materials, Inc. (NYSE:SUM)

Rhumbline Advisers grew its stake in Summit Materials, Inc. (NYSE:SUM - Free Report) by 9.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 213,302 shares of the construction company's stock after purchasing an additional 18,625 shares during the quarter. Rhumbline Advisers owned about 0.12% of Summit Materials worth $7,809,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Truist Financial Corp acquired a new position in shares of Summit Materials in the 4th quarter valued at approximately $308,000. Charles Schwab Investment Management Inc. increased its position in Summit Materials by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,445,466 shares of the construction company's stock worth $55,593,000 after buying an additional 28,515 shares during the last quarter. Principal Securities Inc. bought a new stake in Summit Materials in the 4th quarter valued at $165,000. Teacher Retirement System of Texas raised its position in shares of Summit Materials by 5.2% in the fourth quarter. Teacher Retirement System of Texas now owns 49,172 shares of the construction company's stock valued at $1,891,000 after purchasing an additional 2,426 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Summit Materials by 10.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 17,053 shares of the construction company's stock worth $656,000 after acquiring an additional 1,619 shares during the period.

Summit Materials Trading Up 0.5 %

SUM stock traded up $0.17 during mid-day trading on Friday, reaching $37.71. The company's stock had a trading volume of 965,583 shares, compared to its average volume of 966,521. Summit Materials, Inc. has a 12 month low of $29.98 and a 12 month high of $44.89. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The business's 50 day moving average price is $38.56 and its 200 day moving average price is $39.48. The company has a market cap of $6.62 billion, a price-to-earnings ratio of 16.83 and a beta of 1.18.

Summit Materials (NYSE:SUM - Get Free Report) last issued its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the company posted $0.71 EPS. The firm's revenue was up 58.1% compared to the same quarter last year. On average, equities research analysts predict that Summit Materials, Inc. will post 1.69 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on SUM shares. Morgan Stanley initiated coverage on Summit Materials in a research report on Monday, August 26th. They set an "overweight" rating and a $51.00 target price for the company. Stephens reaffirmed an "overweight" rating and set a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Citigroup boosted their price objective on shares of Summit Materials from $44.00 to $47.00 and gave the stock a "buy" rating in a research note on Thursday, August 8th. Truist Financial decreased their price objective on Summit Materials from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $45.00 target price on shares of Summit Materials in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.40.

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.