Segall Bryant & Hamill LLC Has $60.39 Million Position in Summit Materials, Inc. (NYSE:SUM)

Segall Bryant & Hamill LLC raised its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 6.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,547,312 shares of the construction company’s stock after purchasing an additional 94,177 shares during the quarter. Summit Materials makes up 0.8% of Segall Bryant & Hamill LLC’s holdings, making the stock its 11th biggest position. Segall Bryant & Hamill LLC owned about 0.88% of Summit Materials worth $60,392,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SUM. Vanguard Group Inc. increased its stake in shares of Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after purchasing an additional 262,179 shares during the period. Principal Financial Group Inc. increased its position in Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after buying an additional 94,694 shares during the period. Ausbil Investment Management Ltd lifted its holdings in shares of Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after buying an additional 18,706 shares in the last quarter. Comerica Bank boosted its position in shares of Summit Materials by 215.3% in the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after acquiring an additional 62,173 shares during the period. Finally, River Road Asset Management LLC grew its stake in shares of Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after acquiring an additional 488,688 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SUM. Royal Bank of Canada raised their target price on shares of Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Truist Financial boosted their price target on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Morgan Stanley began coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. JPMorgan Chase & Co. dropped 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. Finally, Citigroup reduced their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Summit Materials presently has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Summit Materials Trading Down 0.3 %

NYSE:SUM opened at $48.38 on Wednesday. Summit Materials, Inc. has a 52 week low of $33.73 and a 52 week high of $51.74. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The firm’s fifty day moving average is $42.00 and its 200-day moving average is $39.69. The firm has a market cap of $8.50 billion, a P/E ratio of 59.00 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. Equities analysts expect that Summit Materials, Inc. will post 1.64 earnings per share for the current 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.