Summit Materials, Inc. (NYSE:SUM) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp increased its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 501.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 8,554 shares of the construction company’s stock after purchasing an additional 7,132 shares during the period. Fifth Third Bancorp’s holdings in Summit Materials were worth $313,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Summit Materials during the fourth quarter worth $49,437,000. Massachusetts Financial Services Co. MA lifted its stake in Summit Materials by 20.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock worth $255,777,000 after purchasing an additional 1,137,500 shares during the last quarter. Hood River Capital Management LLC purchased a new stake in Summit Materials during the first quarter worth approximately $33,206,000. Interval Partners LP acquired a new position in Summit Materials in the first quarter valued at approximately $18,051,000. Finally, Vanguard Group Inc. raised its holdings in 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 purchasing an additional 262,179 shares in the last quarter.

Analyst Ratings Changes

Several research analysts have recently issued reports on SUM shares. Truist Financial lowered their target price on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Stephens restated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. StockNews.com lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Citigroup boosted their price target on Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.00.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $40.36 on Friday. Summit Materials, Inc. has a 52 week low of $29.98 and a 52 week high of $44.89. The company has a 50-day moving average price of $38.01 and a 200 day moving average price of $39.66. The company has a market cap of $7.09 billion, a P/E ratio of 18.02 and a beta of 1.15. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the firm earned $0.71 EPS. The company’s quarterly revenue was up 58.1% compared to the same quarter last year. Research analysts predict that Summit Materials, Inc. will post 1.73 earnings per share for the current year.

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.