Federated Hermes Inc. Buys 62,889 Shares of Summit Materials, Inc. (NYSE:SUM)

Federated Hermes Inc. raised its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 37.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 231,394 shares of the construction company’s stock after purchasing an additional 62,889 shares during the period. Federated Hermes Inc.’s holdings in Summit Materials were worth $8,899,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BluePath Capital Management LLC bought a new position in shares of Summit Materials during the 3rd quarter valued at about $32,000. DekaBank Deutsche Girozentrale bought a new position in shares of Summit Materials during the 3rd quarter valued at about $54,000. Headlands Technologies LLC bought a new position in shares of Summit Materials during the 3rd quarter valued at about $77,000. Assetmark Inc. boosted its holdings in shares of Summit Materials by 20.9% during the 3rd quarter. Assetmark Inc. now owns 5,021 shares of the construction company’s stock valued at $156,000 after purchasing an additional 868 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Summit Materials by 28.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,389 shares of the construction company’s stock valued at $168,000 after purchasing an additional 1,201 shares during the last quarter.

Summit Materials Stock Performance

Summit Materials stock opened at $38.93 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. Summit Materials, Inc. has a 1-year low of $26.18 and a 1-year high of $44.89. The firm has a market capitalization of $6.78 billion, a P/E ratio of 16.36 and a beta of 1.32. The company’s 50-day moving average is $41.90 and its 200 day moving average is $37.80.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. The company had revenue of $613.13 million for the quarter, compared to analyst estimates of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 EPS. Research analysts forecast that Summit Materials, Inc. will post 2.28 EPS for the current year.

Wall Street Analysts Forecast Growth

SUM has been the topic of several recent research reports. Royal Bank of Canada upped their target price on shares of Summit Materials from $39.00 to $44.00 and gave the company a “sector perform” rating in a research report on Thursday, March 14th. Citigroup upped their target price on shares of Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, April 5th. The Goldman Sachs Group upped their target price on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, March 14th. Stephens restated an “overweight” rating and set a $45.00 target price on shares of Summit Materials in a research report on Tuesday, February 13th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a research report on Friday, February 23rd. They set an “overweight” rating and a $47.00 target price on the stock. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.09.

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.