Summit Materials, Inc. (NYSE:SUM) Shares Purchased by Diversify Wealth Management LLC

Diversify Wealth Management LLC lifted its holdings in Summit Materials, Inc. (NYSE:SUM) by 14.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,164 shares of the construction company’s stock after purchasing an additional 1,260 shares during the quarter. Diversify Wealth Management LLC’s holdings in Summit Materials were worth $413,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Commonwealth Equity Services LLC raised its stake in Summit Materials by 22.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 45,935 shares of the construction company’s stock worth $2,047,000 after acquiring an additional 8,313 shares during the last quarter. Norden Group LLC raised its stake in Summit Materials by 41.8% in the 1st quarter. Norden Group LLC now owns 15,158 shares of the construction company’s stock worth $676,000 after acquiring an additional 4,467 shares during the last quarter. Diversify Advisory Services LLC purchased a new position in Summit Materials in the 1st quarter worth $404,000. BNP Paribas Financial Markets raised its stake in Summit Materials by 89.5% in the 1st quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock worth $3,995,000 after acquiring an additional 42,344 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in shares of Summit Materials by 39.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 18,839 shares of the construction company’s stock valued at $840,000 after buying an additional 5,286 shares during the last quarter.

Analyst Upgrades and Downgrades

SUM has been the subject of a number of recent research reports. Stephens reiterated an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Truist Financial lifted their price objective on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. JPMorgan Chase & Co. reduced their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Loop Capital lifted their price objective on Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Friday. Finally, Citigroup reduced their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.92.

Summit Materials Trading Up 0.9 %

Shares of Summit Materials stock opened at $47.83 on Friday. The stock has a market cap of $8.40 billion, a P/E ratio of 58.33 and a beta of 1.17. The stock’s 50 day simple moving average is $39.67 and its 200-day simple moving average is $38.94. Summit Materials, Inc. has a 1-year low of $32.32 and a 1-year high of $48.22. 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 issued its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 7.30% and a net margin of 3.92%. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 EPS. Analysts predict that Summit Materials, Inc. will post 1.59 EPS for the current fiscal year.

About Summit Materials

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.