Ausbil Investment Management Ltd Boosts Position in Summit Materials, Inc. (NYSE:SUM)

Ausbil Investment Management Ltd grew its position in Summit Materials, Inc. (NYSE:SUM) by 355.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 23,963 shares of the construction company’s stock after purchasing an additional 18,706 shares during the period. Ausbil Investment Management Ltd’s holdings in Summit Materials were worth $935,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SUM. Vanguard Group Inc. raised its position 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 buying an additional 262,179 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Summit Materials by 0.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock worth $393,871,000 after purchasing an additional 22,840 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after purchasing an additional 448,922 shares during the period. Victory Capital Management Inc. increased its stake in 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 last quarter. Finally, Millennium Management LLC lifted its position in Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after buying an additional 399,072 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 price target on shares of Summit Materials in a research note on Wednesday, August 7th. Morgan Stanley initiated coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. DA Davidson restated a “neutral” rating and set a $41.00 price target on shares of Summit Materials in a research note on Tuesday, October 15th. Citigroup reduced their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. cut their price target on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.17.

Summit Materials Stock Down 0.0 %

Summit Materials stock traded down $0.02 during mid-day trading on Thursday, hitting $40.60. 113,941 shares of the company’s stock were exchanged, compared to its average volume of 987,396. The stock has a 50 day moving average of $38.73 and a two-hundred day moving average of $38.70. 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, Inc. has a 1-year low of $30.83 and a 1-year high of $44.89. The stock has a market cap of $7.13 billion, a P/E ratio of 19.09 and a beta of 1.17.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the company earned $0.71 earnings per share. The business’s quarterly revenue was up 58.1% compared to the same quarter last year. As a group, analysts anticipate that Summit Materials, Inc. will post 1.63 EPS for the current fiscal year.

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.