Summit Materials, Inc. (NYSE:SUM) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 3.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 810,497 shares of the construction company’s stock after purchasing an additional 24,146 shares during the quarter. Bank of New York Mellon Corp’s holdings in Summit Materials were worth $29,672,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after purchasing an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Summit Materials by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after acquiring an additional 22,840 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Summit Materials by 20.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after acquiring an additional 1,137,500 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Summit Materials by 1.2% during the first quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock valued at $237,294,000 after purchasing an additional 64,128 shares during the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of Summit Materials by 3.8% during the 4th quarter. Clearbridge Investments LLC now owns 3,177,677 shares of the construction company’s stock worth $122,213,000 after purchasing an additional 116,540 shares during the period.

Analysts Set New Price Targets

A number of research firms recently issued reports on SUM. Wolfe Research upgraded Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research report on Wednesday, May 15th. Truist Financial lowered their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Citigroup boosted their target price on shares of Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $45.00 price target on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Stephens reaffirmed an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Trading Down 6.8 %

Shares of Summit Materials stock opened at $37.75 on Wednesday. The business has a fifty day simple moving average of $38.47 and a 200-day simple moving average of $39.73. Summit Materials, Inc. has a fifty-two week low of $29.98 and a fifty-two week high of $44.89. The firm has a market cap of $6.62 billion, a price-to-earnings ratio of 16.85 and a beta of 1.15. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the company earned $0.71 earnings per share. The firm’s revenue was up 58.1% on a year-over-year basis. On average, equities analysts forecast that Summit Materials, Inc. will post 1.69 EPS for the current fiscal 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.