Dynamic Technology Lab Private Ltd Takes Position in Summit Materials, Inc. (NYSE:SUM)

Dynamic Technology Lab Private Ltd acquired a new position in shares of Summit Materials, Inc. (NYSE:SUM) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 28,927 shares of the construction company’s stock, valued at approximately $1,129,000.

Other institutional investors have also recently added to or reduced their stakes in the company. River Road Asset Management LLC lifted its stake in shares of Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after purchasing an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after purchasing an additional 448,922 shares in the last quarter. Millennium Management LLC boosted its holdings in Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after acquiring an additional 399,072 shares during the period. Charles Schwab Investment Management Inc. boosted 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 valued at $68,419,000 after purchasing an additional 313,957 shares during the period. Finally, Troluce Capital Advisors LLC purchased a new position in Summit Materials in the 2nd quarter valued at about $10,983,000.

Wall Street Analysts Forecast Growth

SUM has been the subject of a number of recent analyst reports. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Jefferies Financial Group cut their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Truist Financial reiterated a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a research note on Tuesday. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research note on Monday. Finally, Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $50.81.

Summit Materials Stock Up 0.2 %

Summit Materials stock opened at $50.85 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a one year low of $34.38 and a one year high of $53.49. The company has a 50-day simple moving average of $43.52 and a 200-day simple moving average of $40.11. The firm 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 posted its earnings results 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 during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 EPS. As a group, equities analysts expect 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.