Truist Financial Corp Takes Position in Summit Materials, Inc. (NYSE:SUM)

Truist Financial Corp acquired a new stake in shares of Summit Materials, Inc. (NYSE:SUM) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 8,565 shares of the construction company’s stock, valued at approximately $314,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake 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 valued at $545,561,000 after buying an additional 262,179 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Summit Materials by 0.3% in 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 during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Summit Materials by 6.6% in 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 acquiring an additional 448,922 shares during the period. Victory Capital Management Inc. increased its position in Summit Materials by 7.0% during the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after acquiring an additional 399,072 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. cut their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. DA Davidson restated a “neutral” rating and set a $41.00 target price on shares of Summit Materials in a research report on Tuesday. Citigroup decreased their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group reduced their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Summit Materials has a consensus rating of “Moderate Buy” and an average target price of $47.17.

Summit Materials Price Performance

NYSE:SUM opened at $42.30 on Friday. The business’s 50-day simple moving average is $38.57 and its two-hundred day simple moving average is $38.77. Summit Materials, Inc. has a 52 week low of $30.83 and a 52 week high of $44.89. The stock has a market cap of $7.43 billion, a PE ratio of 19.77 and a beta of 1.17. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) 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 firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the business posted $0.71 earnings per share. The firm’s revenue was up 58.1% on a year-over-year basis. As a group, analysts forecast that Summit Materials, Inc. will post 1.63 EPS for the current fiscal year.

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.