Massachusetts Financial Services Co. MA Has $298.18 Million Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Massachusetts Financial Services Co. MA increased its position in Summit Materials, Inc. (NYSE:SUM) by 6.0% in the third quarter, Holdings Channel.com reports. The firm owned 7,639,798 shares of the construction company’s stock after acquiring an additional 429,062 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Summit Materials were worth $298,181,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Loop Capital upped their target price on shares of Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Stephens reissued an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. DA Davidson upped their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada lifted their target price on Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Stock Up 0.9 %

NYSE:SUM opened at $51.64 on Friday. The stock has a 50-day simple moving average of $43.04 and a 200 day simple moving average of $39.97. Summit Materials, Inc. has a 52-week low of $34.37 and a 52-week high of $53.49. The company has a market cap of $9.07 billion, a PE ratio of 62.98 and a beta of 1.14. 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 (NYSE:SUM) last issued its quarterly 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. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the previous year, the firm posted $0.81 EPS. The company’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, sell-side analysts expect that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Summit Materials Company 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.