Mount Yale Investment Advisors LLC Purchases 1,223 Shares of Summit Materials, Inc. (NYSE:SUM)

Mount Yale Investment Advisors LLC raised its position in shares of Summit Materials, Inc. (NYSE:SUM) by 19.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,452 shares of the construction company’s stock after buying an additional 1,223 shares during the period. Mount Yale Investment Advisors LLC’s holdings in Summit Materials were worth $291,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Ausbil Investment Management Ltd grew its position in Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after acquiring an additional 18,706 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the last quarter. Toth Financial Advisory Corp grew its holdings in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Summit Materials by 11.0% in the third quarter. Raymond James & Associates now owns 298,733 shares of the construction company’s stock valued at $11,660,000 after buying an additional 29,501 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new position in shares of Summit Materials in the third quarter valued at about $27,000.

Summit Materials Price Performance

Shares of SUM opened at $45.10 on Monday. The stock has a market cap of $7.91 billion, a P/E ratio of 20.13 and a beta of 1.17. Summit Materials, Inc. has a 1 year low of $30.83 and a 1 year high of $46.20. The stock’s 50-day moving average price is $38.93 and its two-hundred day moving average price is $38.73. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the company earned $0.71 earnings per share. The business’s revenue for the quarter was up 58.1% on a year-over-year basis. On average, equities analysts predict that Summit Materials, Inc. will post 1.63 earnings per share for the current year.

Analyst Ratings Changes

SUM has been the topic of a number of research analyst reports. Truist Financial decreased their price objective on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. DA Davidson reissued a “neutral” rating and set a $41.00 price target on shares of Summit Materials in a research note on Tuesday, October 15th. Morgan Stanley initiated coverage on shares of Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, Citigroup lowered their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.83.

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.