Massachusetts Financial Services Co. MA Raises Position in Summit Materials, Inc. (NYSE:SUM)

Massachusetts Financial Services Co. MA grew its stake in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) by 6.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,210,736 shares of the construction company's stock after acquiring an additional 448,922 shares during the quarter. Massachusetts Financial Services Co. MA owned about 4.11% of Summit Materials worth $263,985,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Envestnet Asset Management Inc. lifted its stake in shares of Summit Materials by 12.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 151,897 shares of the construction company's stock worth $5,561,000 after purchasing an additional 17,306 shares during the period. Johnson Investment Counsel Inc. boosted its stake in shares of Summit Materials by 5.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company's stock worth $218,000 after acquiring an additional 327 shares during the last quarter. American Century Companies Inc. grew its position in shares of Summit Materials by 3.7% during the 2nd quarter. American Century Companies Inc. now owns 1,745,960 shares of the construction company's stock valued at $63,920,000 after acquiring an additional 62,091 shares during the period. Choreo LLC purchased a new stake in shares of Summit Materials in the 2nd quarter worth $382,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Summit Materials in the 2nd quarter worth $154,000.

Summit Materials Price Performance

Shares of NYSE:SUM traded up $0.05 during mid-day trading on Wednesday, reaching $39.15. The stock had a trading volume of 888,709 shares, compared to its average volume of 966,090. The company has a market cap of $6.87 billion, a P/E ratio of 17.46 and a beta of 1.18. The business's 50 day moving average price is $38.67 and its 200 day moving average price is $39.38. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. Summit Materials, Inc. has a 1 year low of $29.98 and a 1 year high of $44.89.

Summit Materials (NYSE:SUM - Get Free Report) last posted 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. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company's quarterly revenue was up 58.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.71 EPS. Research analysts expect that Summit Materials, Inc. will post 1.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Citigroup boosted their price target on Summit Materials from $44.00 to $47.00 and gave the company a "buy" rating in a report on Thursday, August 8th. 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 target price on the stock. Stifel Nicolaus lowered their price target on shares of Summit Materials from $55.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, July 3rd. Stephens reissued an "overweight" rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. One equities research 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's stock. Based on data from MarketBeat.com, Summit Materials presently has a consensus 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.