Systematic Financial Management LP Purchases New Position in Summit Materials, Inc. (NYSE:SUM)

Systematic Financial Management LP bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,996 shares of the construction company’s stock, valued at approximately $351,000.

A number of other institutional investors have also made changes to their positions in SUM. River Road Asset Management LLC lifted its position in Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Summit Materials by 6.6% during 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. Millennium Management LLC boosted its stake in Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Summit Materials by 21.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after purchasing an additional 313,957 shares during the last quarter. Finally, Troluce Capital Advisors LLC bought a new stake in Summit Materials during the 2nd quarter worth approximately $10,983,000.

Summit Materials Stock Down 0.1 %

Shares of NYSE:SUM opened at $50.81 on Friday. The stock’s 50-day moving average is $45.41 and its 200 day moving average is $40.69. Summit Materials, Inc. has a 1 year low of $34.38 and a 1 year high of $53.49. The company has a market cap of $8.92 billion, a PE ratio of 61.96 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Citigroup reaffirmed a “neutral” rating and issued a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Jefferies Financial Group reduced their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Loop Capital restated a “hold” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. StockNews.com assumed coverage on Summit Materials in a research note on Thursday. They set a “sell” rating on the stock. Finally, Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Summit Materials has an average rating of “Hold” and a consensus target price of $50.81.

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.