Summit Materials, Inc. (NYSE:SUM) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp decreased its stake in Summit Materials, Inc. (NYSE:SUM) by 65.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,460 shares of the construction company’s stock after selling 13,918 shares during the quarter. Mackenzie Financial Corp’s holdings in Summit Materials were worth $287,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. BluePath Capital Management LLC purchased a new position in shares of Summit Materials in the third quarter valued at $32,000. DekaBank Deutsche Girozentrale acquired a new position in Summit Materials in the 3rd quarter worth $54,000. Headlands Technologies LLC purchased a new position in Summit Materials in the 3rd quarter valued at about $77,000. Assetmark Inc. grew its stake in shares of Summit Materials by 20.9% during the third quarter. Assetmark Inc. now owns 5,021 shares of the construction company’s stock valued at $156,000 after acquiring an additional 868 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Summit Materials by 28.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,389 shares of the construction company’s stock worth $168,000 after acquiring an additional 1,201 shares during the last quarter.

Analysts Set New Price Targets

SUM has been the subject of a number of analyst reports. Truist Financial increased their price target on Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. The Goldman Sachs Group raised their price target on shares of Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, March 14th. Royal Bank of Canada upped their price target on shares of Summit Materials from $39.00 to $44.00 and gave the company a “sector perform” rating in a report on Thursday, March 14th. Citigroup increased their price objective on shares of Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Finally, Barclays upped their target price on shares of Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Summit Materials presently has an average rating of “Moderate Buy” and an average price target of $46.09.

Summit Materials Stock Up 1.6 %

Shares of Summit Materials stock opened at $40.00 on Friday. Summit Materials, Inc. has a twelve month low of $26.43 and a twelve month high of $44.89. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of 16.81 and a beta of 1.32. The company has a current ratio of 5.36, a quick ratio of 4.62 and a debt-to-equity ratio of 0.99. The business’s 50 day simple moving average is $41.86 and its 200-day simple moving average is $37.90.

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