Summit Materials, Inc. (NYSE:SUM) Shares Purchased by American Century Companies Inc.

American Century Companies Inc. increased its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 3.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,745,960 shares of the construction company’s stock after buying an additional 62,091 shares during the period. American Century Companies Inc. owned about 1.00% of Summit Materials worth $63,920,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in SUM. Parallel Advisors LLC increased its position in shares of Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after acquiring an additional 399 shares during the period. Quest Partners LLC purchased a new stake in Summit Materials during the 2nd quarter worth about $40,000. Register Financial Advisors LLC acquired a new stake in Summit Materials in the 1st quarter valued at about $45,000. Quadrant Capital Group LLC raised its position in Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after purchasing an additional 382 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Summit Materials in the 1st quarter valued at about $102,000.

Summit Materials Trading Up 0.5 %

NYSE:SUM opened at $37.71 on Monday. The company has a market capitalization of $6.62 billion, a PE ratio of 16.83 and a beta of 1.18. Summit Materials, Inc. has a 52-week low of $29.98 and a 52-week high of $44.89. The stock’s 50 day moving average price is $38.56 and its 200 day moving average price is $39.44. 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 announced its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the firm posted $0.71 earnings per share. The company’s revenue for the quarter was up 58.1% compared to the same quarter last year. On average, research analysts anticipate that Summit Materials, Inc. will post 1.69 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SUM shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 target price on shares of Summit Materials in a report on Wednesday, August 7th. Stephens reaffirmed an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Citigroup increased their target price on Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Stifel Nicolaus decreased their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Finally, Truist Financial dropped their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Summit Materials has a consensus rating of “Moderate Buy” and an average target price of $47.40.

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.