MQS Management LLC Invests $255,000 in Summit Materials, Inc. (NYSE:SUM)

MQS Management LLC bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 6,954 shares of the construction company’s stock, valued at approximately $255,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Summit Materials during the fourth quarter valued at $49,437,000. Hood River Capital Management LLC acquired a new stake in Summit Materials in the 1st quarter worth about $33,206,000. Massachusetts Financial Services Co. MA increased its stake in Summit Materials by 6.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after buying an additional 448,922 shares in the last quarter. Interval Partners LP acquired a new position in shares of Summit Materials during the first quarter valued at approximately $18,051,000. Finally, Vanguard Group Inc. lifted its position in shares of Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after acquiring an additional 262,179 shares in the last quarter.

Summit Materials Stock Performance

Summit Materials stock opened at $39.35 on Friday. The firm has a 50 day simple moving average of $38.78 and a 200-day simple moving average of $39.35. The stock has a market cap of $6.91 billion, a price-to-earnings ratio of 17.57 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials, Inc. has a 1-year low of $29.98 and a 1-year high of $44.89.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the business posted $0.71 earnings per share. The firm’s revenue for the quarter was up 58.1% compared to the same quarter last year. On average, analysts expect that Summit Materials, Inc. will post 1.69 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SUM shares. Truist Financial dropped their price target on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Stifel Nicolaus dropped their target price on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price target on shares of Summit Materials in a research note on Wednesday, August 7th. Stephens reaffirmed an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Finally, Morgan Stanley started coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

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.