Credit Suisse AG Buys 6,155 Shares of Summit Materials, Inc. (NYSE:SUM)

Credit Suisse AG boosted its position in Summit Materials, Inc. (NYSE:SUM) by 4.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 137,575 shares of the construction company’s stock after acquiring an additional 6,155 shares during the quarter. Credit Suisse AG owned 0.12% of Summit Materials worth $3,920,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Summit Materials by 1.0% during the third quarter. Vanguard Group Inc. now owns 11,439,985 shares of the construction company’s stock valued at $274,101,000 after acquiring an additional 113,791 shares during the last quarter. BlackRock Inc. grew its position in Summit Materials by 0.7% during the first quarter. BlackRock Inc. now owns 9,032,871 shares of the construction company’s stock valued at $280,561,000 after acquiring an additional 58,438 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Summit Materials by 2.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,028,677 shares of the construction company’s stock valued at $256,324,000 after acquiring an additional 208,355 shares during the last quarter. Capital International Investors grew its position in Summit Materials by 8.1% during the first quarter. Capital International Investors now owns 6,903,885 shares of the construction company’s stock valued at $214,435,000 after acquiring an additional 519,296 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Summit Materials by 6.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,998,959 shares of the construction company’s stock valued at $170,314,000 after buying an additional 388,522 shares during the last quarter.

Summit Materials Stock Performance

Summit Materials stock opened at $37.42 on Friday. The stock’s 50 day simple moving average is $36.95 and its two-hundred day simple moving average is $32.36. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.90 and a current ratio of 2.61. The stock has a market cap of $4.45 billion, a price-to-earnings ratio of 26.58 and a beta of 1.44. Summit Materials, Inc. has a fifty-two week low of $23.19 and a fifty-two week high of $39.56.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, August 2nd. The construction company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.11. Summit Materials had a net margin of 6.85% and a return on equity of 8.79%. The firm had revenue of $680.40 million for the quarter, compared to analysts’ expectations of $642.59 million. During the same quarter in the previous year, the business posted $0.59 EPS. The company’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, analysts expect that Summit Materials, Inc. will post 1.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Summit Materials from $37.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, August 24th. Loop Capital raised their target price on shares of Summit Materials from $38.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, August 4th. BNP Paribas cut shares of Summit Materials from an “outperform” rating to a “neutral” rating and set a $38.00 target price on the stock. in a report on Monday, July 24th. StockNews.com began coverage on shares of Summit Materials in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Royal Bank of Canada raised their target price on shares of Summit Materials from $36.00 to $43.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Summit Materials presently has an average rating of “Hold” and a consensus price target of $39.77.

Summit Materials Profile

Summit Materials, Inc operates as a vertically integrated construction materials company. 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. It also provides asphalt paving and related services.