Dynamic Technology Lab Private Ltd Buys Shares of 28,927 Summit Materials, Inc. (NYSE:SUM)

Dynamic Technology Lab Private Ltd purchased a new position in Summit Materials, Inc. (NYSE:SUM) in the third quarter, HoldingsChannel reports. The firm purchased 28,927 shares of the construction company’s stock, valued at approximately $1,129,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. raised its position in Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Ausbil Investment Management Ltd grew its stake in shares of Summit Materials by 355.8% in the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after purchasing an additional 18,706 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Summit Materials by 3.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after purchasing an additional 27,225 shares in the last quarter. Comerica Bank lifted its stake in 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. Finally, Royce & Associates LP boosted its holdings in Summit Materials by 5.7% during the third quarter. Royce & Associates LP now owns 369,869 shares of the construction company’s stock worth $14,436,000 after buying an additional 19,870 shares in the last quarter.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $50.85 on Wednesday. Summit Materials, Inc. has a one year low of $34.38 and a one year high of $53.49. The business’s 50-day moving average price is $43.52 and its two-hundred day moving average price is $40.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market capitalization of $8.93 billion, a P/E ratio of 62.01 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results 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 business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 EPS. Analysts anticipate that Summit Materials, Inc. will post 1.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SUM. Morgan Stanley initiated coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. Jefferies Financial Group decreased their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Stephens reiterated an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. Finally, Loop Capital restated a “hold” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Summit Materials presently has a consensus rating of “Hold” and a consensus price target of $50.81.

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.