Choreo LLC Makes New Investment in Summit Materials, Inc. (NYSE:SUM)

Choreo LLC bought a new stake in Summit Materials, Inc. (NYSE:SUM) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 10,718 shares of the construction company’s stock, valued at approximately $382,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after buying an additional 262,179 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Summit Materials by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after acquiring an additional 22,840 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Summit Materials by 1.2% during the first quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock worth $237,294,000 after purchasing an additional 64,128 shares in the last quarter. Victory Capital Management Inc. raised its stake in Summit Materials by 7.0% in 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 purchasing an additional 241,757 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in Summit Materials by 3.8% in the 4th quarter. Clearbridge Investments LLC now owns 3,177,677 shares of the construction company’s stock valued at $122,213,000 after purchasing an additional 116,540 shares in the last quarter.

Summit Materials Stock Up 1.7 %

Shares of SUM opened at $38.36 on Tuesday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The firm has a market cap of $6.74 billion, a P/E ratio of 17.13 and a beta of 1.18. The company’s 50-day moving average price is $38.60 and its 200 day moving average price is $39.41. Summit Materials, Inc. has a 12-month low of $29.98 and a 12-month high of $44.89.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the business posted $0.71 EPS. The business’s revenue for the quarter was up 58.1% compared to the same quarter last year. On average, sell-side analysts forecast that Summit Materials, Inc. will post 1.69 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Citigroup upped their target price on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $45.00 price target on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Truist Financial reduced their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.40.

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.