Assetmark Inc. Raises Stock Position in Summit Materials, Inc. (NYSE:SUM)

Assetmark Inc. boosted its position in Summit Materials, Inc. (NYSE:SUM) by 6.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,913 shares of the construction company’s stock after purchasing an additional 411 shares during the quarter. Assetmark Inc.’s holdings in Summit Materials were worth $270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of SUM. Vanguard Group Inc. raised its position in shares of Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after buying an additional 262,179 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Summit Materials by 0.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock valued at $393,871,000 after acquiring an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of 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 worth $134,669,000 after purchasing an additional 241,757 shares in the last quarter.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $48.43 on Friday. Summit Materials, Inc. has a 12 month low of $33.70 and a 12 month high of $51.74. The firm has a market capitalization of $8.50 billion, a P/E ratio of 59.06 and a beta of 1.14. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $41.74 and a two-hundred day simple moving average of $39.62.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’s revenue was up 49.9% on a year-over-year basis. During the same period last year, the company posted $0.81 EPS. On average, equities analysts forecast that Summit Materials, Inc. will post 1.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Truist Financial lifted their target price on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Citigroup cut their target price on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Jefferies Financial Group dropped their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Morgan Stanley started coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Finally, Royal Bank of Canada lifted their price target on shares of Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Summit Materials currently has an average rating of “Moderate Buy” and a consensus price target of $50.38.

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.