The Manufacturers Life Insurance Company Grows Holdings in Summit Materials, Inc. (NYSE:SUM)

The Manufacturers Life Insurance Company increased its position in Summit Materials, Inc. (NYSE:SUM) by 3.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,232,524 shares of the construction company’s stock after buying an additional 45,467 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Summit Materials were worth $48,105,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SUM. Principal Financial Group Inc. grew its holdings in 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 buying an additional 94,694 shares in the last quarter. Ausbil Investment Management Ltd grew its holdings in Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after buying an additional 18,706 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in Summit Materials by 3.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock valued at $28,570,000 after buying an additional 27,225 shares in the last quarter. Comerica Bank grew its holdings in Summit Materials by 215.3% during the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after buying an additional 62,173 shares in the last quarter. Finally, Royce & Associates LP grew its holdings in Summit Materials by 5.7% during the 3rd quarter. Royce & Associates LP now owns 369,869 shares of the construction company’s stock valued at $14,436,000 after buying an additional 19,870 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SUM shares. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a report on Monday. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday. Truist Financial reiterated a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a research report on Tuesday. Finally, StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Summit Materials currently has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Stock Up 0.5 %

Shares of SUM opened at $51.09 on Friday. The company has a market cap of $8.97 billion, a PE ratio of 62.30 and a beta of 1.14. The business has a fifty day moving average of $43.98 and a 200 day moving average of $40.26. Summit Materials, Inc. has a 52-week low of $34.38 and a 52-week high of $53.49. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

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, topping analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate 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 period last year, the company earned $0.81 earnings per share. On average, sell-side analysts expect that Summit Materials, Inc. will post 1.64 EPS for the current year.

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.