Massachusetts Financial Services Co. MA Increases Stock Position in Summit Materials, Inc. (NYSE:SUM)

Massachusetts Financial Services Co. MA increased its position in Summit Materials, Inc. (NYSE:SUM) by 6.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 7,210,736 shares of the construction company’s stock after buying an additional 448,922 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Summit Materials were worth $263,985,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SUM. Truist Financial Corp purchased a new position in shares of Summit Materials in the 4th quarter worth about $308,000. Vanguard Personalized Indexing Management LLC raised its holdings in Summit Materials by 10.5% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 17,053 shares of the construction company’s stock valued at $656,000 after buying an additional 1,619 shares during the period. Janney Montgomery Scott LLC lifted its position in Summit Materials by 17.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 13,553 shares of the construction company’s stock valued at $521,000 after buying an additional 1,965 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Summit Materials by 25.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after buying an additional 382 shares during the period. Finally, Brown Advisory Inc. acquired a new stake in shares of Summit Materials in the fourth quarter worth $360,000.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Citigroup lifted their target price on shares of Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Morgan Stanley began 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. 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, Stephens reissued an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Summit Materials currently has an average rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Trading Up 2.0 %

Shares of NYSE:SUM opened at $39.12 on Wednesday. The company has a market cap of $6.86 billion, a PE ratio of 17.46 and a beta of 1.18. The company’s 50-day moving average price is $38.67 and its 200 day moving average price is $39.38. Summit Materials, Inc. has a fifty-two week low of $29.98 and a fifty-two week high of $44.89. 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 released its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 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 company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the firm earned $0.71 EPS. Summit Materials’s revenue was up 58.1% on a year-over-year basis. Sell-side analysts anticipate that Summit Materials, Inc. will post 1.69 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.