Summit Materials, Inc. (NYSE:SUM) Shares Purchased by American Century Companies Inc.

American Century Companies Inc. lifted its stake in Summit Materials, Inc. (NYSE:SUM - Free Report) by 3.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,745,960 shares of the construction company's stock after purchasing an additional 62,091 shares during the period. American Century Companies Inc. owned about 1.00% of Summit Materials worth $63,920,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Parallel Advisors LLC grew its holdings in shares of Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company's stock worth $29,000 after purchasing an additional 399 shares during the last quarter. Register Financial Advisors LLC purchased a new stake in Summit Materials in the first quarter worth about $45,000. Quest Partners LLC purchased a new stake in Summit Materials in the second quarter worth about $40,000. Quadrant Capital Group LLC lifted its stake in Summit Materials by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company's stock worth $73,000 after acquiring an additional 382 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Summit Materials in the first quarter worth about $102,000.

Summit Materials Stock Up 1.7 %

Shares of SUM traded up $0.65 during mid-day trading on Monday, hitting $38.36. 877,754 shares of the company traded hands, compared to its average volume of 966,022. Summit Materials, Inc. has a 1-year low of $29.98 and a 1-year high of $44.89. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $6.74 billion, a PE ratio of 17.13 and a beta of 1.18. The business has a 50 day moving average of $38.60 and a 200 day moving average of $39.41.

Summit Materials (NYSE:SUM - Get Free Report) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The company's revenue for the quarter was up 58.1% compared to the same quarter last year. Equities research analysts anticipate that Summit Materials, Inc. will post 1.69 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on SUM shares. Stifel Nicolaus lowered their price objective on shares of Summit Materials from $55.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, July 3rd. Citigroup upped 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 lowered their price objective on shares of Summit Materials from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an "overweight" rating and a $51.00 price objective for the company. Finally, Stephens reissued an "overweight" rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.40.

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.