Summit Materials, Inc. (NYSE:SUM) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in shares of Summit Materials, Inc. (NYSE:SUM) by 1.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,289,410 shares of the construction company’s stock after buying an additional 94,694 shares during the quarter. Principal Financial Group Inc. owned approximately 3.01% of Summit Materials worth $206,445,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SUM. V Square Quantitative Management LLC purchased a new stake in shares of Summit Materials during the 3rd quarter worth about $27,000. Toth Financial Advisory Corp raised its holdings in Summit Materials by 147.1% in the 3rd 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 period. International Assets Investment Management LLC boosted its position in 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 in the last quarter. Quest Partners LLC acquired a new stake in Summit Materials in the second quarter valued at approximately $40,000. Finally, Farther Finance Advisors LLC increased its position in shares of Summit Materials by 275.7% in the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after buying an additional 951 shares in the last quarter.

Analysts Set New Price Targets

SUM has been the topic of a number of research analyst reports. Stephens reissued an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Jefferies Financial Group dropped their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. DA Davidson upped their price target on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday. Royal Bank of Canada lifted their price objective on Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Stock Down 2.4 %

Shares of SUM opened at $49.80 on Friday. Summit Materials, Inc. has a 52-week low of $33.04 and a 52-week high of $51.74. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $40.19 and a two-hundred day simple moving average of $39.14. The company has a market capitalization of $8.74 billion, a PE ratio of 60.78 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the business earned $0.81 earnings per share. Summit Materials’s revenue was up 49.9% compared to the same quarter last year. As a group, equities analysts forecast that Summit Materials, Inc. will post 1.6 EPS for the current year.

About Summit Materials

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.