Victory Capital Management Inc. Has $117.25 Million Stake in Summit Materials, Inc. (NYSE:SUM)

Victory Capital Management Inc. lowered its holdings in Summit Materials, Inc. (NYSE:SUM - Free Report) by 18.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,004,085 shares of the construction company's stock after selling 674,400 shares during the period. Victory Capital Management Inc. owned approximately 1.71% of Summit Materials worth $117,249,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in SUM. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials in the third quarter valued at approximately $27,000. Toth Financial Advisory Corp lifted 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 acquiring an additional 500 shares during the period. International Assets Investment Management LLC grew its holdings 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 worth $37,000 after purchasing an additional 913 shares in the last quarter. Quest Partners LLC bought a new position in shares of Summit Materials in the second quarter worth $40,000. Finally, Farther Finance Advisors LLC raised its stake in Summit Materials by 275.7% in the third 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.

Summit Materials Trading Down 0.6 %

Shares of SUM stock traded down $0.29 during trading hours on Wednesday, hitting $48.71. 3,489,198 shares of the company's stock traded hands, compared to its average volume of 1,075,142. The stock has a market cap of $8.55 billion, a PE ratio of 59.76 and a beta of 1.14. The stock's 50 day simple moving average is $41.01 and its 200 day simple moving average is $39.43. 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, Inc. has a 12 month low of $33.70 and a 12 month high of $51.74.

Summit Materials (NYSE:SUM - Get Free Report) last announced its 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. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. On average, sell-side analysts anticipate that Summit Materials, Inc. will post 1.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SUM shares. Stephens reiterated an "overweight" rating and set a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. StockNews.com upgraded shares of Summit Materials from a "sell" rating to a "hold" rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. cut their target price on Summit Materials from $47.00 to $43.00 and set an "overweight" rating for the company in a research note on Wednesday, October 9th. Royal Bank of Canada raised their target price on Summit Materials from $53.00 to $54.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Finally, Jefferies Financial Group lowered 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. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.