5,051 Shares in Summit Materials, Inc. (NYSE:SUM) Acquired by Diversify Advisory Services LLC

Diversify Advisory Services LLC bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 5,051 shares of the construction company’s stock, valued at approximately $204,000.

A number of other hedge funds also recently modified their holdings of SUM. Vanguard Group Inc. boosted its position in Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after acquiring an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of 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 worth $393,871,000 after purchasing an additional 22,840 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after purchasing an additional 448,922 shares during the period. Victory Capital Management Inc. grew its position in Summit Materials by 7.0% during the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after purchasing an additional 241,757 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares during the period.

Summit Materials Stock Performance

NYSE:SUM opened at $47.83 on Friday. The firm has a market capitalization of $8.40 billion, a PE ratio of 58.33 and a beta of 1.17. Summit Materials, Inc. has a 1 year low of $32.32 and a 1 year high of $48.22. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The firm’s fifty day simple moving average is $39.67 and its 200 day simple moving average is $38.94.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 7.30% and a net margin of 3.92%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, sell-side analysts anticipate that Summit Materials, Inc. will post 1.59 EPS for the current year.

Wall Street Analysts Forecast Growth

SUM has been the topic of several research analyst reports. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $45.00 to $52.00 in a report on Tuesday. JPMorgan Chase & Co. dropped their target price on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Stephens reiterated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Jefferies Financial Group dropped their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, Royal Bank of Canada lifted their target price on shares of Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.92.

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.