Intech Investment Management LLC Takes $1.10 Million Position in Summit Materials, Inc. (NYSE:SUM)

Intech Investment Management LLC acquired a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the third quarter, Holdings Channel.com reports. The fund acquired 28,099 shares of the construction company’s stock, valued at approximately $1,097,000.

Other institutional investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new stake in shares of Summit Materials in the third quarter worth $27,000. Toth Financial Advisory Corp lifted its position in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Summit Materials by 3,804.2% in the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after buying an additional 913 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Summit Materials during the 2nd quarter worth $40,000. Finally, Farther Finance Advisors LLC increased its stake in Summit Materials by 275.7% in the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after acquiring an additional 951 shares during the last quarter.

Summit Materials Stock Up 0.5 %

Shares of Summit Materials stock opened at $51.09 on Thursday. The company’s fifty day simple moving average is $43.76 and its two-hundred day simple moving average is $40.19. Summit Materials, Inc. has a 12-month low of $34.38 and a 12-month high of $53.49. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a market cap of $8.97 billion, a P/E ratio of 62.30 and a beta of 1.14.

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Jefferies Financial Group reduced their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Citigroup reaffirmed a “neutral” rating and set a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a report on Tuesday. StockNews.com downgraded shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Loop Capital reaffirmed a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Tuesday. Finally, Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price 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.