Sei Investments Co. Boosts Stake in Summit Materials, Inc. (NYSE:SUM)

Sei Investments Co. raised its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 34.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 614,150 shares of the construction company’s stock after purchasing an additional 157,986 shares during the quarter. Sei Investments Co.’s holdings in Summit Materials were worth $22,484,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SUM. Granite Investment Partners LLC bought a new position in Summit Materials in the 2nd quarter valued at $4,211,000. Inspire Investing LLC increased its stake in Summit Materials by 19.4% in the 2nd quarter. Inspire Investing LLC now owns 9,610 shares of the construction company’s stock worth $352,000 after buying an additional 1,563 shares during the period. MQS Management LLC bought a new stake in Summit Materials during the 2nd quarter valued at about $255,000. Hsbc Holdings PLC boosted its position in Summit Materials by 206.3% in the 2nd quarter. Hsbc Holdings PLC now owns 67,685 shares of the construction company’s stock valued at $2,485,000 after buying an additional 45,588 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Summit Materials by 9.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 20,441 shares of the construction company’s stock worth $748,000 after acquiring an additional 1,793 shares in the last quarter.

Analyst Ratings Changes

Several research firms have recently weighed in on SUM. Stephens reaffirmed an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Stifel Nicolaus lowered their target price on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Truist Financial cut their price target on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.40.

Summit Materials Trading Up 0.1 %

NYSE:SUM opened at $38.60 on Thursday. The stock has a market capitalization of $6.78 billion, a price-to-earnings ratio of 17.23 and a beta of 1.18. Summit Materials, Inc. has a 52 week low of $30.05 and a 52 week high of $44.89. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average of $38.72 and a 200 day moving average of $39.23.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 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 firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue for the quarter was up 58.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Summit Materials, Inc. will post 1.67 earnings per share 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.