Summit Materials, Inc. (NYSE:SUM) Shares Bought by American Trust

American Trust increased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 18.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,329 shares of the construction company’s stock after buying an additional 1,303 shares during the quarter. American Trust’s holdings in Summit Materials were worth $305,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of SUM. Sanctuary Advisors LLC purchased a new stake in Summit Materials during the 2nd quarter worth approximately $674,000. Truist Financial Corp purchased a new stake in Summit Materials during the second quarter worth approximately $314,000. Northwestern Mutual Wealth Management Co. raised its stake in Summit Materials by 16.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,717 shares of the construction company’s stock worth $173,000 after acquiring an additional 680 shares in the last quarter. Algert Global LLC grew its stake in Summit Materials by 24.2% during the 2nd quarter. Algert Global LLC now owns 121,634 shares of the construction company’s stock worth $4,453,000 after buying an additional 23,699 shares during the last quarter. Finally, Select Equity Group L.P. increased its stake in Summit Materials by 36.8% in the second quarter. Select Equity Group L.P. now owns 75,125 shares of the construction company’s stock valued at $2,750,000 after purchasing an additional 20,228 shares during the period.

Analyst Upgrades and Downgrades

SUM has been the topic of a number of recent analyst reports. Truist Financial dropped their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Stifel Nicolaus lowered their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Morgan Stanley started coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a report on Wednesday, August 7th. Finally, 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Summit Materials currently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Trading Down 1.3 %

Shares of NYSE:SUM opened at $37.31 on Thursday. Summit Materials, Inc. has a 52-week low of $30.81 and a 52-week high of $44.89. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The company has a market cap of $6.55 billion, a P/E ratio of 16.66 and a beta of 1.18. The stock’s 50-day moving average is $38.67 and its 200-day moving average is $39.11.

Summit Materials (NYSE:SUM) last announced 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. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.71 earnings per share. Equities research analysts predict that Summit Materials, Inc. will post 1.67 earnings per share for the current 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.