BNP Paribas Financial Markets Purchases 2,625 Shares of Summit Materials, Inc. (NYSE:SUM)

BNP Paribas Financial Markets increased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 9.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 30,731 shares of the construction company’s stock after buying an additional 2,625 shares during the quarter. BNP Paribas Financial Markets’ holdings in Summit Materials were worth $1,199,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in shares of Summit Materials in the 3rd quarter valued at approximately $27,000. Toth Financial Advisory Corp raised its position in 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 acquiring an additional 500 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares during the last quarter. Quest Partners LLC bought a new position in shares of Summit Materials in the 2nd quarter valued at about $40,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Summit Materials by 275.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after purchasing an additional 951 shares during the last quarter.

Summit Materials Stock Performance

Summit Materials stock opened at $50.83 on Tuesday. Summit Materials, Inc. has a 1-year low of $34.38 and a 1-year high of $53.49. 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 firm has a market capitalization of $8.93 billion, a PE ratio of 61.99 and a beta of 1.14. The firm’s 50 day simple moving average is $45.64 and its 200 day simple moving average is $40.79.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. Summit Materials’s revenue was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. As a group, analysts expect that Summit Materials, Inc. will post 1.66 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Truist Financial restated a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Morgan Stanley assumed coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $50.81.

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.