Summit Materials, Inc. (NYSE:SUM) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. raised its position in Summit Materials, Inc. (NYSE:SUM) by 12.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 151,897 shares of the construction company’s stock after purchasing an additional 17,306 shares during the period. Envestnet Asset Management Inc. owned 0.09% of Summit Materials worth $5,561,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SUM. Hood River Capital Management LLC purchased a new stake in shares of Summit Materials in the first quarter valued at about $33,206,000. Interval Partners LP purchased a new stake in shares of Summit Materials in the first quarter valued at about $18,051,000. Vanguard Group Inc. grew its holdings in shares of Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after purchasing an additional 241,757 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Summit Materials in the second quarter valued at about $5,555,000.

Summit Materials Trading Up 0.8 %

Shares of NYSE:SUM opened at $39.03 on Tuesday. Summit Materials, Inc. has a 52 week low of $30.81 and a 52 week high of $44.89. The company’s 50 day moving average is $38.70 and its two-hundred day moving average is $39.15. The company has a market cap of $6.85 billion, a PE ratio of 17.42 and a beta of 1.18. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the company earned $0.71 earnings per share. The firm’s revenue for the quarter was up 58.1% on a year-over-year basis. Equities analysts predict that Summit Materials, Inc. will post 1.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Citigroup increased their price objective on Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 target price on shares of Summit Materials in a research report on Wednesday, August 7th. Truist Financial dropped their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley started coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. Finally, Stifel Nicolaus lowered their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.40.

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.