BNP PARIBAS ASSET MANAGEMENT Holding S.A. Purchases New Stake in Summit Materials, Inc. (NYSE:SUM)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 206,113 shares of the construction company’s stock, valued at approximately $8,045,000.

Several other hedge funds have also recently bought and sold shares of the company. Johnson Investment Counsel Inc. increased its position in Summit Materials by 5.8% during the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after buying an additional 327 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after buying an additional 411 shares in the last quarter. Waycross Investment Management Co raised its position in shares of Summit Materials by 1.0% in the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after buying an additional 412 shares during the last quarter. Xponance Inc. boosted its position in Summit Materials by 6.2% during the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after acquiring an additional 448 shares during the last quarter. Finally, Toth Financial Advisory Corp lifted its stake in shares of Summit Materials by 147.1% during 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.

Analyst Upgrades and Downgrades

SUM has been the topic of several recent analyst reports. Morgan Stanley started coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock. Stephens restated an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Loop Capital boosted their target price on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Jefferies Financial Group dropped their price objective on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.38.

Summit Materials Price Performance

NYSE SUM opened at $51.66 on Monday. The company has a 50-day moving average price of $43.04 and a two-hundred day moving average price of $39.97. The stock has a market cap of $9.07 billion, a price-to-earnings ratio of 63.00 and a beta of 1.14. 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 52 week low of $34.37 and a 52 week high of $53.49.

Summit Materials (NYSE:SUM) last released its quarterly earnings results 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. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 earnings per share. Analysts forecast that Summit Materials, Inc. will post 1.64 EPS for the current year.

Summit Materials 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.