Ausbil Investment Management Ltd Raises Holdings in Summit Materials, Inc. (NYSE:SUM)

by · The Markets Daily

Ausbil Investment Management Ltd lifted its holdings in shares of Summit Materials, Inc. (NYSE:SUM – Free Report) by 355.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,963 shares of the construction company’s stock after buying 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.

Other large investors also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in Summit Materials in the third quarter worth about $27,000. Toth Financial Advisory Corp raised its holdings in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC grew its holdings in Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares during the period. Register Financial Advisors LLC bought a new stake in Summit Materials during the 1st quarter worth approximately $45,000. Finally, Quest Partners LLC purchased a new position in Summit Materials during the second quarter valued at approximately $40,000.

Summit Materials Stock Down 0.0 %

Shares of SUM 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’s 50-day moving average is $38.73 and its 200-day moving average is $38.70. The company has a market cap of $7.13 billion, a price-to-earnings ratio of 19.09 and a beta of 1.17. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. Summit Materials, Inc. has a fifty-two week low of $30.83 and a fifty-two week high of $44.89.

Summit Materials (NYSE:SUM – Get Free Report) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue for the quarter was up 58.1% on a year-over-year basis. On average, sell-side analysts anticipate that Summit Materials, Inc. will post 1.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Morgan Stanley assumed coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. DA Davidson reiterated a “neutral” rating and set a $41.00 price objective on shares of Summit Materials in a research report on Tuesday, October 15th. JPMorgan Chase & Co. lowered their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Citigroup decreased their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, Jefferies Financial Group decreased their target price on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Summit Materials currently has an average rating of “Moderate Buy” and a consensus target price of $47.17.

Read Our Latest Stock Analysis on SUM

Summit Materials Company Profile

(Free Report)

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.

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