MQS Management LLC Takes Position in Summit Materials, Inc. (NYSE:SUM)

MQS Management LLC acquired a new position in Summit Materials, Inc. (NYSE:SUM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,954 shares of the construction company’s stock, valued at approximately $255,000.

A number of other hedge funds have also recently made changes to their positions in SUM. Vanguard Group Inc. raised its position in Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD grew 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 valued at $393,871,000 after buying an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after buying an additional 448,922 shares during the period. Principal Financial Group Inc. lifted its stake in Summit Materials by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock worth $237,294,000 after acquiring an additional 64,128 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in 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.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a research note on Wednesday, August 7th. Citigroup raised their price target on shares of Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Truist Financial cut 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. Finally, Stifel Nicolaus reduced their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Summit Materials has an average rating of “Moderate Buy” and a consensus target price of $47.40.

Summit Materials Stock Performance

NYSE:SUM opened at $39.35 on Friday. Summit Materials, Inc. has a 12 month low of $29.98 and a 12 month high of $44.89. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The firm has a market capitalization of $6.91 billion, a PE ratio of 17.57 and a beta of 1.18. The business’s fifty day moving average price is $38.78 and its 200 day moving average price is $39.35.

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

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.