Advisors Asset Management Inc. Raises Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Advisors Asset Management Inc. raised its holdings in Summit Materials, Inc. (NYSE:SUM) by 7.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 108,268 shares of the construction company’s stock after purchasing an additional 7,245 shares during the period. Advisors Asset Management Inc. owned about 0.06% of Summit Materials worth $4,226,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Johnson Investment Counsel Inc. increased its holdings in Summit Materials by 5.8% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after acquiring an additional 327 shares in the last quarter. Assetmark Inc. increased its stake in shares of Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after purchasing an additional 411 shares in the last quarter. Waycross Investment Management Co increased its stake in shares of Summit Materials by 1.0% during the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after purchasing an additional 412 shares in the last quarter. Xponance Inc. raised its position in shares of Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after purchasing an additional 448 shares during the last quarter. Finally, Toth Financial Advisory Corp lifted its stake in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter.

Analysts Set New Price Targets

Several research firms have commented on SUM. Royal Bank of Canada boosted their price objective on Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. StockNews.com cut Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday. DA Davidson raised their price objective on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Stephens reaffirmed an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. Finally, Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Stock Up 0.9 %

Shares of NYSE SUM opened at $51.64 on Friday. Summit Materials, Inc. has a 1 year low of $34.37 and a 1 year high of $53.49. The company has a market capitalization of $9.07 billion, a P/E ratio of 62.98 and a beta of 1.14. The company has a 50 day simple moving average of $43.04 and a 200-day simple moving average of $39.97. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

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 for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 EPS. On average, equities research analysts predict that Summit Materials, Inc. will post 1.64 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.