Summit Materials, Inc. (NYSE:SUM) Shares Bought by Advisors Asset Management Inc.

Advisors Asset Management Inc. grew its position in Summit Materials, Inc. (NYSE:SUM) by 7.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,268 shares of the construction company’s stock after buying an additional 7,245 shares during the quarter. Advisors Asset Management Inc.’s holdings in Summit Materials were worth $4,226,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. River Road Asset Management LLC grew its position in Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after acquiring an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after purchasing an additional 448,922 shares in the last quarter. Interval Partners LP purchased a new stake in Summit Materials during the 1st quarter worth approximately $18,051,000. Millennium Management LLC lifted its holdings in Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after buying an additional 399,072 shares in the last quarter. Finally, Troluce Capital Advisors LLC purchased a new position in Summit Materials in the 2nd quarter valued at approximately $10,983,000.

Analyst Ratings Changes

A number of research firms have recently weighed in on SUM. Citigroup cut their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Truist Financial upped their price target on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. JPMorgan Chase & Co. lowered their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Finally, Jefferies Financial Group reduced their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.38.

Summit Materials Trading Up 0.9 %

NYSE SUM opened at $51.64 on Friday. The firm’s fifty day moving average price is $43.04 and its 200 day moving average price is $39.97. Summit Materials, Inc. has a 12 month low of $34.37 and a 12 month high of $53.49. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 62.98 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued 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 return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the company posted $0.81 earnings per share. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. On average, sell-side analysts expect that Summit Materials, Inc. will post 1.64 earnings per share for the current fiscal 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.