Principal Financial Group Inc. Boosts Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Principal Financial Group Inc. increased its stake in Summit Materials, Inc. (NYSE:SUM - Free Report) by 1.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,289,410 shares of the construction company's stock after buying an additional 94,694 shares during the period. Principal Financial Group Inc. owned 3.01% of Summit Materials worth $206,445,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company's stock worth $545,561,000 after acquiring an additional 262,179 shares during the period. Ausbil Investment Management Ltd raised its position in Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company's stock valued at $935,000 after purchasing an additional 18,706 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Summit Materials by 20.7% in the 1st quarter. Sei Investments Co. now owns 456,164 shares of the construction company's stock worth $20,331,000 after buying an additional 78,111 shares during the period. Comerica Bank grew its position in shares of Summit Materials by 215.3% during the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company's stock worth $4,058,000 after buying an additional 62,173 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Summit Materials by 89.5% during the first quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company's stock valued at $3,995,000 after buying an additional 42,344 shares during the period.

Summit Materials Price Performance

Shares of Summit Materials stock traded up $0.93 during trading hours on Friday, reaching $50.74. The stock had a trading volume of 566,908 shares, compared to its average volume of 1,062,333. The stock's 50 day moving average is $40.19 and its 200 day moving average is $39.14. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a twelve month low of $33.04 and a twelve month high of $51.74. The firm has a market capitalization of $8.91 billion, a PE ratio of 60.73 and a beta of 1.14.

Summit Materials (NYSE:SUM - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. Summit Materials's revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.81 earnings per share. Equities analysts expect that Summit Materials, Inc. will post 1.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SUM. DA Davidson upped their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday. Jefferies Financial Group lowered their price target on shares of Summit Materials from $58.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, October 9th. JPMorgan Chase & Co. cut their price objective on shares of Summit Materials from $47.00 to $43.00 and set an "overweight" rating on the stock in a report on Wednesday, October 9th. Truist Financial upped their target price on Summit Materials from $47.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Finally, Barclays raised Summit Materials from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $50.38.

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.