16,666 Shares in Summit Materials, Inc. (NYSE:SUM) Acquired by Jennison Associates LLC

Jennison Associates LLC acquired a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 16,666 shares of the construction company’s stock, valued at approximately $650,000.

Other institutional investors have also recently added to or reduced their stakes in the company. River Road Asset Management LLC grew its stake in shares of 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 valued at $139,257,000 after buying an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA increased its stake 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 worth $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Interval Partners LP purchased a new position in shares of Summit Materials in the 1st quarter worth about $18,051,000. Millennium Management LLC raised its holdings in shares of Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after purchasing an additional 399,072 shares during the period. Finally, Troluce Capital Advisors LLC acquired a new position in shares of Summit Materials in the 2nd quarter valued at about $10,983,000.

Summit Materials Stock Up 1.0 %

Shares of NYSE:SUM opened at $51.66 on Friday. The firm has a market cap of $9.07 billion, a PE ratio of 63.00 and a beta of 1.14. The company has a fifty day simple moving average of $43.04 and a 200 day simple moving average of $39.97. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12-month low of $34.37 and a 12-month high of $53.49.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share 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 company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. The company’s revenue was up 49.9% on a year-over-year basis. On average, equities research analysts anticipate that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Stephens restated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Jefferies Financial Group cut 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 note on Wednesday, October 9th. StockNews.com lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday. Loop Capital increased their price target on Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.38.

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.