Algert Global LLC Acquires 23,699 Shares of Summit Materials, Inc. (NYSE:SUM)

Algert Global LLC grew its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 24.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,634 shares of the construction company’s stock after buying an additional 23,699 shares during the quarter. Algert Global LLC owned approximately 0.07% of Summit Materials worth $4,453,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Summit Materials by 2.2% during the 1st 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 in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Summit Materials by 0.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock valued at $393,871,000 after acquiring an additional 22,840 shares during the last quarter. Massachusetts Financial Services Co. MA raised 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 buying an additional 448,922 shares during the last quarter. Principal Financial Group Inc. raised its stake in 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 worth $237,294,000 after buying an additional 64,128 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Summit Materials by 7.0% during the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after buying an additional 241,757 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SUM shares. Citigroup raised their price target on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Truist Financial dropped their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley began coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Stephens reaffirmed an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. One 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 currently has an average rating of “Moderate Buy” and a consensus price target of $47.40.

Summit Materials Stock Down 1.3 %

Shares of NYSE SUM opened at $38.71 on Monday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. Summit Materials, Inc. has a 12 month low of $30.38 and a 12 month high of $44.89. The firm has a market capitalization of $6.80 billion, a PE ratio of 17.28 and a beta of 1.18. The firm has a fifty day simple moving average of $38.70 and a two-hundred day simple moving average of $39.17.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the firm earned $0.71 EPS. The company’s revenue was up 58.1% compared to the same quarter last year. Equities analysts expect that Summit Materials, Inc. will post 1.67 earnings per share for the current year.

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.