Epoch Investment Partners Inc. Sells 163,604 Shares of Summit Materials, Inc. (NYSE:SUM)

Epoch Investment Partners Inc. lessened its holdings in Summit Materials, Inc. (NYSE:SUM) by 73.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,413 shares of the construction company’s stock after selling 163,604 shares during the quarter. Epoch Investment Partners Inc.’s holdings in Summit Materials were worth $2,212,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after buying an additional 262,179 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Summit Materials by 0.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after acquiring an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in 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 valued at $263,985,000 after purchasing an additional 448,922 shares during the last quarter. Principal Financial Group Inc. grew its stake in Summit Materials by 1.2% in the first quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock valued at $237,294,000 after purchasing an additional 64,128 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after purchasing an additional 241,757 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SUM shares. Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price for the company. Citigroup boosted their price objective on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Stifel Nicolaus cut their target price on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Truist Financial reduced their price target on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research note on Wednesday, August 7th. 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Stock Down 1.0 %

SUM stock opened at $38.98 on Tuesday. Summit Materials, Inc. has a fifty-two week low of $29.98 and a fifty-two week high of $44.89. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The stock has a market capitalization of $6.84 billion, a price-to-earnings ratio of 17.40 and a beta of 1.18. The business’s fifty day moving average price is $38.78 and its two-hundred day moving average price is $39.27.

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