Inspire Investing LLC Has $352,000 Stock Position in Summit Materials, Inc. (NYSE:SUM)

Inspire Investing LLC increased its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 19.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,610 shares of the construction company’s stock after buying an additional 1,563 shares during the quarter. Inspire Investing LLC’s holdings in Summit Materials were worth $352,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Janney Montgomery Scott LLC boosted its holdings in Summit Materials by 17.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 13,553 shares of the construction company’s stock worth $521,000 after purchasing an additional 1,965 shares in the last quarter. Brown Advisory Inc. acquired a new position in Summit Materials during the fourth quarter worth $360,000. Norges Bank bought a new position in shares of Summit Materials in the fourth quarter valued at approximately $49,437,000. Wells Fargo & Company MN grew its holdings in shares of Summit Materials by 3.4% during the fourth quarter. Wells Fargo & Company MN now owns 202,404 shares of the construction company’s stock worth $7,784,000 after purchasing an additional 6,633 shares during the last quarter. Finally, D.A. Davidson & CO. bought a new stake in shares of Summit Materials during the fourth quarter valued at approximately $327,000.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Stifel Nicolaus cut their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Citigroup boosted their price target on Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Truist Financial reduced their target price on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price target on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Stephens reissued an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Summit Materials has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

Summit Materials Price Performance

SUM stock opened at $38.98 on Tuesday. The business has a 50-day simple moving average of $38.78 and a two-hundred day simple moving average of $39.27. Summit Materials, Inc. has a 52-week low of $29.98 and a 52-week high of $44.89. The company has a market capitalization of $6.84 billion, a P/E ratio of 17.40 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62.

Summit Materials (NYSE:SUM) last released its 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. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.71 EPS. Research analysts expect that Summit Materials, Inc. will post 1.69 EPS for the current fiscal year.

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.