Summit Materials, Inc. (NYSE:SUM) Shares Purchased by Xponance Inc.

Xponance Inc. boosted its holdings in Summit Materials, Inc. (NYSE:SUM) by 6.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,687 shares of the construction company’s stock after purchasing an additional 448 shares during the quarter. Xponance Inc.’s holdings in Summit Materials were worth $281,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Johnson Investment Counsel Inc. boosted its holdings in Summit Materials by 5.8% in the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after purchasing an additional 327 shares during the period. Parallel Advisors LLC boosted its holdings in 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. Waycross Investment Management Co boosted its holdings in Summit Materials by 1.0% in the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock worth $1,504,000 after purchasing an additional 412 shares during the period. InterOcean Capital Group LLC boosted its holdings in Summit Materials by 4.5% in the first quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock worth $472,000 after purchasing an additional 455 shares during the period. Finally, American Trust boosted its holdings in shares of Summit Materials by 8.6% during the first quarter. American Trust now owns 7,026 shares of the construction company’s stock valued at $313,000 after acquiring an additional 557 shares during the period.

Summit Materials Price Performance

Shares of Summit Materials stock opened at $37.82 on Wednesday. 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 company’s 50-day moving average price is $38.67 and its two-hundred day moving average price is $39.13. Summit Materials, Inc. has a 52 week low of $30.81 and a 52 week high of $44.89. The stock has a market cap of $6.64 billion, a PE ratio of 16.88 and a beta of 1.18.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping 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 firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the business earned $0.71 earnings per share. Summit Materials’s revenue for the quarter was up 58.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Summit Materials, Inc. will post 1.67 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SUM shares. Morgan Stanley started coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. Citigroup boosted their price target on shares of 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 price target 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. Stifel Nicolaus reduced their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price target on shares of Summit Materials in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Summit Materials presently has an average rating of “Moderate Buy” and a consensus price target 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.