Congress Asset Management Co. boosted its holdings in Summit Materials, Inc. (NYSE:SUM - Free Report) by 9.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 509,409 shares of the construction company's stock after acquiring an additional 43,582 shares during the quarter. Congress Asset Management Co. owned 0.29% of Summit Materials worth $19,882,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in SUM. V Square Quantitative Management LLC bought a new position in shares of Summit Materials in the third quarter valued at approximately $27,000. Toth Financial Advisory Corp increased its position in shares of Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company's stock valued at $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC increased its position in shares of Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company's stock valued at $37,000 after purchasing an additional 913 shares during the period. Quest Partners LLC bought a new stake in shares of Summit Materials in the 2nd quarter worth $40,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Summit Materials in the first quarter valued at $102,000.
Wall Street Analysts Forecast Growth
Several brokerages have commented on SUM. JPMorgan Chase & Co. dropped their price target on shares of Summit Materials from $47.00 to $43.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 9th. Morgan Stanley assumed coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an "overweight" rating and a $51.00 target price on the stock. Stephens restated an "overweight" rating and set a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. Barclays upgraded shares of Summit Materials from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $45.00 to $52.00 in a research report on Tuesday. Finally, Truist Financial increased their price objective on Summit Materials from $47.00 to $60.00 and gave the company a "buy" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $49.92.
View Our Latest Research Report on SUM
Summit Materials Stock Performance
Shares of Summit Materials stock traded up $0.42 during midday trading on Friday, hitting $47.83. The company had a trading volume of 1,387,720 shares, compared to its average volume of 1,051,286. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The stock has a market cap of $8.40 billion, a PE ratio of 58.18 and a beta of 1.17. The business's 50 day simple moving average is $39.52 and its two-hundred day simple moving average is $38.88. Summit Materials, Inc. has a 1-year low of $32.32 and a 1-year high of $48.22.
Summit Materials (NYSE:SUM - Get Free Report) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 7.30% and a net margin of 3.92%. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the business earned $0.81 earnings per share. The firm's revenue for the quarter was up 49.9% compared to the same quarter last year. As a group, equities analysts predict that Summit Materials, Inc. will post 1.59 EPS for the current fiscal year.
About Summit Materials
(
Free Report)
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.
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