Knights of Columbus Asset Advisors LLC Buys 93,487 Shares of Summit Materials, Inc. (NYSE:SUM)

Knights of Columbus Asset Advisors LLC grew its stake in Summit Materials, Inc. (NYSE:SUM) by 94.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 192,349 shares of the construction company’s stock after buying an additional 93,487 shares during the period. Knights of Columbus Asset Advisors LLC’s holdings in Summit Materials were worth $7,398,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in SUM. Vanguard Group Inc. increased its holdings in Summit Materials by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company’s stock worth $371,353,000 after acquiring an additional 136,921 shares in the last quarter. BlackRock Inc. increased its stake in shares of Summit Materials by 5.3% in the second quarter. BlackRock Inc. now owns 9,616,329 shares of the construction company’s stock worth $363,978,000 after purchasing an additional 485,086 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Summit Materials by 2.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,028,677 shares of the construction company’s stock valued at $256,324,000 after purchasing an additional 208,355 shares during the period. Capital International Investors lifted its stake in shares of Summit Materials by 8.1% during the 1st quarter. Capital International Investors now owns 6,903,885 shares of the construction company’s stock valued at $214,435,000 after buying an additional 519,296 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Summit Materials by 130.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,512,959 shares of the construction company’s stock worth $171,674,000 after buying an additional 3,122,575 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have commented on SUM. Stephens reissued an “overweight” rating and set a $45.00 price target on shares of Summit Materials in a report on Tuesday, February 13th. Royal Bank of Canada boosted their price target on Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a report on Thursday, March 14th. Citigroup increased their price objective on shares of Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, April 5th. The Goldman Sachs Group boosted their target price on shares of Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, March 14th. Finally, Truist Financial raised their target price on shares of Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Summit Materials presently has an average rating of “Moderate Buy” and a consensus price target of $46.09.

Summit Materials Price Performance

Summit Materials stock traded down $0.16 during mid-day trading on Friday, reaching $38.31. 351,756 shares of the company’s stock traded hands, compared to its average volume of 966,969. Summit Materials, Inc. has a 12-month low of $26.18 and a 12-month high of $44.89. The company has a market cap of $6.68 billion, a price-to-earnings ratio of 16.16 and a beta of 1.32. The stock has a 50 day moving average of $41.80 and a two-hundred day moving average of $37.57. The company has a quick ratio of 4.62, a current ratio of 5.36 and a debt-to-equity ratio of 0.99.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.04. The firm had revenue of $613.13 million for the quarter, compared to analysts’ expectations of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 EPS. Equities analysts forecast that Summit Materials, Inc. will post 2.28 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.