Congress Asset Management Co. Acquires 43,582 Shares of Summit Materials, Inc. (NYSE:SUM)

Congress Asset Management Co. grew its holdings in Summit Materials, Inc. (NYSE:SUM) by 9.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 509,409 shares of the construction company’s stock after purchasing an additional 43,582 shares during the period. Congress Asset Management Co. owned about 0.29% of Summit Materials worth $19,882,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SUM. Norden Group LLC boosted its position in shares of Summit Materials by 1,038.9% during the first quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock valued at $5,427,000 after buying an additional 111,069 shares during the last quarter. Vanguard Group Inc. boosted its holdings 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 valued at $545,561,000 after acquiring an additional 262,179 shares during the last quarter. Ausbil Investment Management Ltd grew its stake in shares of Summit Materials by 355.8% in the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after acquiring an additional 18,706 shares during the period. Sei Investments Co. grew its stake in shares of Summit Materials by 20.7% in the first quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock worth $20,331,000 after acquiring an additional 78,111 shares during the period. Finally, Comerica Bank raised its holdings in shares of Summit Materials by 215.3% during the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after purchasing an additional 62,173 shares during the last quarter.

Summit Materials Price Performance

NYSE SUM opened at $47.41 on Friday. 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 $32.32 and a 12 month high of $48.17. The stock has a market cap of $8.32 billion, a price-to-earnings ratio of 57.82 and a beta of 1.17. The company’s 50 day moving average is $39.52 and its two-hundred day moving average is $38.88.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 7.30%. The company’s revenue was up 49.9% on a year-over-year basis. During the same period last year, the firm earned $0.81 EPS. As a group, research analysts anticipate that Summit Materials, Inc. will post 1.59 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SUM shares. JPMorgan Chase & Co. dropped their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. DA Davidson reaffirmed a “neutral” rating and issued a $41.00 price objective on shares of Summit Materials in a report on Tuesday, October 15th. Jefferies Financial Group lowered their target price on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Citigroup cut their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Summit Materials presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.42.

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.