Westwood Holdings Group Inc. Boosts Stock Position in Summit Materials, Inc. (NYSE:SUM)

Westwood Holdings Group Inc. grew its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 39.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 722,124 shares of the construction company’s stock after acquiring an additional 205,224 shares during the period. Westwood Holdings Group Inc. owned 0.41% of Summit Materials worth $26,437,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC increased its holdings in shares of Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after purchasing an additional 399 shares during the period. Register Financial Advisors LLC bought a new position in shares of Summit Materials in the first quarter worth $45,000. Quest Partners LLC bought a new position in shares of Summit Materials in the second quarter worth $40,000. Quadrant Capital Group LLC increased its holdings in shares of Summit Materials by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after purchasing an additional 382 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Summit Materials in the first quarter worth $102,000.

Summit Materials Stock Performance

Summit Materials stock opened at $39.36 on Friday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The firm has a 50-day moving average of $38.78 and a 200-day moving average of $39.32. The firm has a market cap of $6.91 billion, a P/E ratio of 17.57 and a beta of 1.18. Summit Materials, Inc. has a 1-year low of $29.98 and a 1-year high of $44.89.

Summit Materials (NYSE:SUM) last posted its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share 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 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. Summit Materials’s revenue for the quarter was up 58.1% on a year-over-year basis. Sell-side analysts expect that Summit Materials, Inc. will post 1.69 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on SUM shares. Stephens reaffirmed an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Stifel Nicolaus reduced their target price on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Citigroup increased their target price on Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Truist Financial reduced their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Morgan Stanley initiated coverage on Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

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.