Summit Materials, Inc. (NYSE:SUM) Shares Purchased by Royce & Associates LP

Royce & Associates LP increased its holdings in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) by 5.7% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 369,869 shares of the construction company's stock after purchasing an additional 19,870 shares during the quarter. Royce & Associates LP owned 0.21% of Summit Materials worth $14,436,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position 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 worth $545,561,000 after buying an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Summit Materials by 0.3% in 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 acquiring an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA grew its position in Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company's stock valued at $263,985,000 after acquiring an additional 448,922 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company's stock valued at $206,445,000 after purchasing an additional 94,694 shares during the period. Finally, Victory Capital Management Inc. lifted 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 purchasing an additional 241,757 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Barclays raised shares of Summit Materials from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Loop Capital lifted their target price on Summit Materials from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. Jefferies Financial Group reduced their price target on Summit Materials from $58.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, October 9th. Morgan Stanley began coverage on Summit Materials in a report on Monday, August 26th. They set an "overweight" rating and a $51.00 price objective on the stock. Finally, Citigroup decreased their price target on shares of Summit Materials from $47.00 to $46.00 and set a "buy" rating for the company in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with 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 an average target price of $50.38.

Summit Materials Stock Performance

Shares of Summit Materials stock traded down $0.10 during trading hours on Friday, reaching $48.43. The company's stock had a trading volume of 1,085,651 shares, compared to its average volume of 2,058,419. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company's 50 day simple moving average is $41.74 and its 200 day simple moving average is $39.62. Summit Materials, Inc. has a one year low of $33.70 and a one year high of $51.74. The stock has a market cap of $8.50 billion, a P/E ratio of 59.06 and a beta of 1.14.

Summit Materials (NYSE:SUM - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% 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 quarter last year, the business posted $0.81 EPS. The business's revenue was up 49.9% on a year-over-year basis. As a group, analysts expect that Summit Materials, Inc. will post 1.64 EPS 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.