The Manufacturers Life Insurance Company Acquires 45,467 Shares of Summit Materials, Inc. (NYSE:SUM)

The Manufacturers Life Insurance Company increased its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 3.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,232,524 shares of the construction company’s stock after acquiring an additional 45,467 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.70% of Summit Materials worth $48,105,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Dynamic Technology Lab Private Ltd bought a new stake in Summit Materials during the third quarter worth about $1,129,000. Citigroup Inc. lifted its stake in shares of Summit Materials by 166.4% in the third quarter. Citigroup Inc. now owns 113,579 shares of the construction company’s stock worth $4,433,000 after buying an additional 70,937 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after buying an additional 313,957 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after buying an additional 429,062 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Summit Materials in the third quarter worth approximately $1,097,000.

Analyst Ratings Changes

SUM has been the topic of several analyst reports. Citigroup reiterated a “neutral” rating and issued a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday. Truist Financial reiterated a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday. Stephens reiterated an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Finally, Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Trading Up 0.5 %

NYSE:SUM opened at $51.09 on Friday. Summit Materials, Inc. has a one year low of $34.38 and a one year high of $53.49. The business has a fifty day moving average price of $43.98 and a 200-day moving average price of $40.26. The firm has a market capitalization of $8.97 billion, a price-to-earnings ratio of 62.30 and a beta of 1.14. 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 posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping 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 return on equity of 6.90% and a net margin of 3.92%. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share. Sell-side analysts forecast that Summit Materials, Inc. will post 1.64 EPS for the current year.

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.