Charles Schwab Investment Management Inc. Has $68.42 Million Stake in Summit Materials, Inc. (NYSE:SUM)

Charles Schwab Investment Management Inc. grew its position in Summit Materials, Inc. (NYSE:SUM) by 21.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,752,993 shares of the construction company’s stock after purchasing an additional 313,957 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.00% of Summit Materials worth $68,419,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of SUM. 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 worth $4,058,000 after acquiring an additional 62,173 shares during the period. American Trust grew its stake in Summit Materials by 8.6% during the first quarter. American Trust now owns 7,026 shares of the construction company’s stock worth $313,000 after purchasing an additional 557 shares during the period. First Hawaiian Bank increased its holdings in Summit Materials by 4.8% in the second quarter. First Hawaiian Bank now owns 16,815 shares of the construction company’s stock worth $616,000 after purchasing an additional 768 shares in the last quarter. Moody National Bank Trust Division lifted its stake in Summit Materials by 16.3% in the second quarter. Moody National Bank Trust Division now owns 26,871 shares of the construction company’s stock valued at $984,000 after buying an additional 3,768 shares during the period. Finally, Linden Thomas Advisory Services LLC lifted its stake in Summit Materials by 10.1% in the second quarter. Linden Thomas Advisory Services LLC now owns 10,945 shares of the construction company’s stock valued at $401,000 after buying an additional 1,002 shares during the period.

Summit Materials Trading Up 0.5 %

NYSE SUM opened at $51.09 on Friday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14. The business has a fifty day simple moving average of $43.98 and a 200 day simple moving average of $40.26. Summit Materials, Inc. has a 12 month low of $34.38 and a 12 month high of $53.49.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating 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 prior year, the company posted $0.81 earnings per share. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, analysts predict that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SUM has been the subject of several recent analyst reports. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research report on Tuesday. Truist Financial restated a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a report on Tuesday. Jefferies Financial Group dropped their price objective 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. DA Davidson raised their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, Morgan Stanley began coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Summit Materials presently has a consensus rating of “Hold” and a consensus target price of $50.81.

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.