Raymond James & Associates Increases Position in Summit Materials, Inc. (NYSE:SUM)

Raymond James & Associates boosted its position in Summit Materials, Inc. (NYSE:SUM) by 11.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 298,733 shares of the construction company’s stock after acquiring an additional 29,501 shares during the period. Raymond James & Associates owned about 0.17% of Summit Materials worth $11,660,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in SUM. V Square Quantitative Management LLC purchased a new stake in shares of Summit Materials in the third quarter valued at $27,000. Quest Partners LLC acquired a new position in shares of Summit Materials during the 2nd quarter valued at about $40,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Summit Materials during the 1st quarter valued at about $102,000. Fidelis Capital Partners LLC purchased a new position in shares of Summit Materials during the 1st quarter worth about $143,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of Summit Materials in the second quarter worth approximately $154,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Citigroup cut their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Truist Financial lowered 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. Morgan Stanley started coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. Finally, DA Davidson reiterated a “neutral” rating and set a $41.00 target price on shares of Summit Materials in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $47.83.

Summit Materials Stock Up 1.2 %

Shares of Summit Materials stock opened at $45.63 on Tuesday. The business has a 50-day moving average of $39.06 and a 200-day moving average of $38.73. Summit Materials, Inc. has a 1-year low of $31.67 and a 1-year high of $46.40. The company has a market capitalization of $8.01 billion, a PE ratio of 20.37 and a beta of 1.17. 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 (NYSE:SUM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the business posted $0.71 EPS. The company’s quarterly revenue was up 58.1% on a year-over-year basis. As a group, equities 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.