Westwood Holdings Group Inc. Purchases 205,224 Shares of Summit Materials, Inc. (NYSE:SUM)

Westwood Holdings Group Inc. lifted its position in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) by 39.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 722,124 shares of the construction company's stock after purchasing an additional 205,224 shares during the period. Westwood Holdings Group Inc. owned about 0.41% of Summit Materials worth $26,437,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company's stock valued at $545,561,000 after buying an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Summit Materials by 0.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company's stock worth $393,871,000 after purchasing an additional 22,840 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company's stock worth $263,985,000 after purchasing an additional 448,922 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Summit Materials by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company's stock valued at $237,294,000 after purchasing an additional 64,128 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Summit Materials by 7.0% during the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company's stock worth $134,669,000 after buying an additional 241,757 shares during the period.

Wall Street Analyst Weigh In

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

Summit Materials Price Performance

NYSE:SUM traded down $0.92 during trading hours on Friday, hitting $39.36. The stock had a trading volume of 1,974,102 shares, compared to its average volume of 971,325. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of 17.57 and a beta of 1.18. Summit Materials, Inc. has a one year low of $29.98 and a one year high of $44.89. The company has a 50 day simple moving average of $38.78 and a two-hundred day simple moving average of $39.30. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01.

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, topping the consensus estimate 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 analysts' expectations of $1.14 billion. During the same period in the previous year, the business earned $0.71 earnings per share. The firm's revenue was up 58.1% on a year-over-year basis. Research analysts forecast that Summit Materials, Inc. will post 1.69 earnings per share for the current fiscal year.

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.