Summit Materials, Inc. (NYSE:SUM) Stake Boosted by Millennium Management LLC

Millennium Management LLC increased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 16.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,753,816 shares of the construction company’s stock after acquiring an additional 399,072 shares during the period. Millennium Management LLC’s holdings in Summit Materials were worth $100,817,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Parallel Advisors LLC increased its position in Summit Materials by 113.7% in the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after purchasing an additional 399 shares during the last quarter. Register Financial Advisors LLC acquired a new position in Summit Materials in the first quarter worth approximately $45,000. Quest Partners LLC bought a new position in Summit Materials during the second quarter valued at approximately $40,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Summit Materials in the first quarter valued at approximately $102,000. Finally, TFO Wealth Partners LLC grew its position in Summit Materials by 45,250.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,721 shares of the construction company’s stock worth $105,000 after acquiring an additional 2,715 shares in the last quarter.

Summit Materials Stock Performance

NYSE SUM opened at $38.71 on Friday. The company’s fifty day moving average is $38.70 and its two-hundred day moving average is $39.21. The firm has a market capitalization of $6.80 billion, a price-to-earnings ratio of 17.28 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials, Inc. has a 52-week low of $30.38 and a 52-week high of $44.89.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data 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 return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the company earned $0.71 EPS. The company’s quarterly revenue was up 58.1% on a year-over-year basis. Equities research analysts forecast that Summit Materials, Inc. will post 1.67 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Truist Financial reduced their price objective on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Stephens reiterated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research note on Wednesday, August 7th. Morgan Stanley initiated coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. Finally, Stifel Nicolaus dropped their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. One 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

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.