River Road Asset Management LLC Purchases 488,688 Shares of Summit Materials, Inc. (NYSE:SUM)

River Road Asset Management LLC boosted its holdings in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) by 15.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,567,938 shares of the construction company's stock after acquiring an additional 488,688 shares during the quarter. Summit Materials accounts for 1.8% of River Road Asset Management LLC's portfolio, making the stock its 9th biggest holding. River Road Asset Management LLC owned about 2.03% of Summit Materials worth $139,257,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. V Square Quantitative Management LLC purchased a new position in shares of Summit Materials during the third quarter worth approximately $27,000. Toth Financial Advisory Corp grew its holdings in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company's stock worth $33,000 after acquiring an additional 500 shares in the last quarter. International Assets Investment Management LLC increased its position in 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 valued at about $40,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Summit Materials by 275.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company's stock valued at $51,000 after purchasing an additional 951 shares in the last quarter.

Wall Street Analysts Forecast Growth

SUM has been the topic of several research reports. DA Davidson lifted their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday. JPMorgan Chase & Co. cut their price target on Summit Materials from $47.00 to $43.00 and set an "overweight" rating on the stock in a report on Wednesday, October 9th. Morgan Stanley started coverage on Summit Materials in a research note on Monday, August 26th. They set an "overweight" rating and a $51.00 price objective for the company. Stephens reaffirmed an "overweight" rating and set a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, Truist Financial boosted their target price on shares of Summit Materials from $47.00 to $60.00 and gave the stock a "buy" rating in a report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $50.38.

Summit Materials Stock Performance

Shares of SUM traded up $0.72 during mid-day trading on Tuesday, reaching $47.42. The company had a trading volume of 1,887,986 shares, compared to its average volume of 1,057,974. The stock has a market capitalization of $8.33 billion, a P/E ratio of 57.83 and a beta of 1.14. Summit Materials, Inc. has a 52-week low of $33.04 and a 52-week high of $48.22. The stock has a 50 day moving average of $39.96 and a two-hundred day moving average of $39.05. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM - Get Free Report) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business's quarterly revenue was up 49.9% on a year-over-year basis. On average, analysts expect that Summit Materials, Inc. will post 1.59 earnings per share for the current 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.