Portside Wealth Group LLC Takes Position in Summit Materials, Inc. (NYSE:SUM)

Portside Wealth Group LLC purchased a new position in Summit Materials, Inc. (NYSE:SUM) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 5,241 shares of the construction company’s stock, valued at approximately $205,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Summit Materials by 2.2% in the 1st 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 during the period. Price T Rowe Associates Inc. MD increased its position in Summit Materials by 0.3% during 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 acquiring an additional 22,840 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Summit Materials by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of 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 worth $134,669,000 after acquiring an additional 241,757 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SUM. Truist Financial increased their price objective on shares of Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Jefferies Financial Group decreased their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Morgan Stanley initiated coverage on Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. Loop Capital increased their target price on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, DA Davidson boosted their target price on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Summit Materials currently has an average rating of “Moderate Buy” and an average price target of $50.38.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $50.41 on Friday. The firm has a 50 day moving average of $40.59 and a 200 day moving average of $39.29. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $8.85 billion, a price-to-earnings ratio of 61.48 and a beta of 1.14. Summit Materials, Inc. has a 52 week low of $33.04 and a 52 week high of $51.74.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company posted $0.81 EPS. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. On average, sell-side analysts predict that Summit Materials, Inc. will post 1.64 earnings per share for the current fiscal year.

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.