Congress Asset Management Co. Buys 43,582 Shares of Summit Materials, Inc. (NYSE:SUM)

Congress Asset Management Co. increased its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 9.4% in the third quarter, Holdings Channel.com reports. The fund owned 509,409 shares of the construction company’s stock after purchasing an additional 43,582 shares during the period. Congress Asset Management Co.’s holdings in Summit Materials were worth $19,882,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in shares of Summit Materials during the 3rd quarter valued at about $27,000. Toth Financial Advisory Corp boosted its stake in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after buying an additional 913 shares in the last quarter. Quest Partners LLC bought a new stake in Summit Materials in the 2nd quarter worth approximately $40,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Summit Materials during the 1st quarter worth approximately $102,000.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Jefferies Financial Group reduced their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Royal Bank of Canada upgraded shares of Summit Materials from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $45.00 to $53.00 in a report on Friday, October 25th. Stephens reaffirmed an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial dropped 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. Finally, Citigroup decreased their price objective 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.42.

Summit Materials Price Performance

SUM opened at $47.41 on Friday. The business has a fifty day moving average of $39.52 and a 200 day moving average of $38.88. The stock has a market cap of $8.32 billion, a P/E ratio of 57.82 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, Inc. has a 52-week low of $32.32 and a 52-week high of $48.17.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 7.30%. The business’s revenue was up 49.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 earnings per share. As a group, sell-side analysts anticipate that Summit Materials, Inc. will post 1.59 EPS for the current 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.