KBC Group NV Boosts Position in Summit Materials, Inc. (NYSE:SUM)

KBC Group NV raised its stake in Summit Materials, Inc. (NYSE:SUM) by 19.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,807 shares of the construction company’s stock after buying an additional 629 shares during the period. KBC Group NV’s holdings in Summit Materials were worth $149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in Summit Materials during the 3rd quarter worth about $27,000. Toth Financial Advisory Corp lifted its position in shares of Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Summit Materials by 3,804.2% during the third 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 in the last quarter. Quest Partners LLC bought a new position in shares of Summit Materials during the second quarter valued at approximately $40,000. Finally, Farther Finance Advisors LLC increased its holdings in Summit Materials by 275.7% during the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after buying an additional 951 shares during the period.

Summit Materials Trading Up 5.7 %

NYSE SUM opened at $51.16 on Friday. Summit Materials, Inc. has a 12-month low of $34.24 and a 12-month high of $53.49. The company has a fifty day simple moving average of $42.76 and a two-hundred day simple moving average of $39.89. 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 market cap of $8.98 billion, a P/E ratio of 62.39 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its 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 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%. The firm’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. On average, analysts forecast that Summit Materials, Inc. will post 1.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SUM shares. 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. JPMorgan Chase & Co. decreased their price objective 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. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Jefferies Financial Group decreased 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. Finally, Stephens reaffirmed an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.38.

About Summit Materials

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.