Intech Investment Management LLC Takes $1.10 Million Position in Summit Materials, Inc. (NYSE:SUM)

Intech Investment Management LLC acquired a new position in Summit Materials, Inc. (NYSE:SUM) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 28,099 shares of the construction company’s stock, valued at approximately $1,097,000.

Other institutional investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its stake in Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after purchasing an additional 448,922 shares during the period. Principal Financial Group Inc. increased its stake in shares of Summit Materials by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares during the period. River Road Asset Management LLC boosted its stake in Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after purchasing an additional 399,072 shares during the period.

Analyst Ratings Changes

SUM has been the topic of several research reports. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a report on Tuesday. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Monday. Truist Financial reissued a “hold” rating and issued a $52.50 price objective (down from $60.00) on shares of Summit Materials in a research note on Tuesday. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Finally, Morgan Stanley assumed coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Price Performance

Shares of NYSE SUM opened at $51.09 on Thursday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $43.76 and a two-hundred day simple moving average of $40.19. Summit Materials, Inc. has a 1-year low of $34.38 and a 1-year high of $53.49. The firm has a market cap of $8.97 billion, a price-to-earnings ratio of 62.30 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.81 EPS. Analysts anticipate that Summit Materials, Inc. will post 1.64 earnings per share for the current 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.