Federated Hermes Inc. Has $5.94 Million Stake in Summit Materials, Inc. (NYSE:SUM)

Federated Hermes Inc. trimmed its holdings in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) by 70.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 162,251 shares of the construction company's stock after selling 391,828 shares during the period. Federated Hermes Inc. owned 0.09% of Summit Materials worth $5,940,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Parallel Advisors LLC increased its stake in Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company's stock valued at $29,000 after purchasing an additional 399 shares in the last quarter. Quest Partners LLC bought a new stake in Summit Materials in the second quarter valued at approximately $40,000. Register Financial Advisors LLC bought a new stake in Summit Materials in the first quarter valued at approximately $45,000. Quadrant Capital Group LLC boosted its holdings in shares of Summit Materials by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company's stock valued at $73,000 after buying an additional 382 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Summit Materials in the first quarter valued at approximately $102,000.

Wall Street Analysts Forecast Growth

SUM has been the subject of several research analyst reports. Truist Financial reduced their price target on shares of Summit Materials from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Citigroup upped their price target on shares of Summit Materials from $44.00 to $47.00 and gave the company a "buy" rating in a report on Thursday, August 8th. Stifel Nicolaus reduced their price target on shares of Summit Materials from $55.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, July 3rd. Morgan Stanley initiated coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an "overweight" rating and a $51.00 price target for the company. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $45.00 price target on shares of Summit Materials in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.40.

Summit Materials Stock Up 2.9 %

SUM traded up $1.13 during trading hours on Thursday, hitting $40.28. 884,396 shares of the company's stock were exchanged, compared to its average volume of 965,785. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of 17.98 and a beta of 1.18. 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 stock's 50-day moving average is $38.76 and its two-hundred day moving average is $39.38. 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 announced its quarterly 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 analysts' expectations of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company's revenue for the quarter was up 58.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.71 earnings per share. Sell-side analysts predict that Summit Materials, Inc. will post 1.69 earnings per share for the current fiscal year.

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.