Diversify Wealth Management LLC Purchases 1,260 Shares of Summit Materials, Inc. (NYSE:SUM)

Diversify Wealth Management LLC grew its position in shares of Summit Materials, Inc. (NYSE:SUM) by 14.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,164 shares of the construction company’s stock after purchasing an additional 1,260 shares during the quarter. Diversify Wealth Management LLC’s holdings in Summit Materials were worth $413,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after buying an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD increased its position in Summit Materials by 0.3% during the 1st 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 buying an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Summit Materials by 6.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after buying an additional 448,922 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Summit Materials by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after purchasing an additional 241,757 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after purchasing an additional 399,072 shares during the last quarter.

Wall Street Analysts Forecast Growth

SUM has been the subject of several recent analyst reports. Stephens restated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. JPMorgan Chase & Co. decreased their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $45.00 to $52.00 in a research note on Tuesday. Royal Bank of Canada boosted their price target on Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Loop Capital boosted their price target on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.92.

Summit Materials Trading Up 0.9 %

Shares of SUM stock opened at $47.83 on Friday. Summit Materials, Inc. has a 1 year low of $32.32 and a 1 year high of $48.22. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The stock’s 50 day simple moving average is $39.67 and its two-hundred day simple moving average is $38.94. The company has a market cap of $8.40 billion, a PE ratio of 58.33 and a beta of 1.17.

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