Raymond James & Associates grew its stake in Summit Materials, Inc. (NYSE:SUM – Get Rating) by 11.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 82,111 shares of the construction company’s stock after acquiring an additional 8,438 shares during the period. Raymond James & Associates’ holdings in Summit Materials were worth $1,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the stock. John G Ullman & Associates Inc. lifted its position in Summit Materials by 11.8% during the third quarter. John G Ullman & Associates Inc. now owns 159,660 shares of the construction company’s stock worth $3,825,000 after acquiring an additional 16,910 shares during the last quarter. Moody National Bank Trust Division bought a new stake in Summit Materials in the 3rd quarter valued at $275,000. Federated Hermes Inc. boosted its stake in Summit Materials by 32,977.6% in the 2nd quarter. Federated Hermes Inc. now owns 257,013 shares of the construction company’s stock valued at $5,986,000 after purchasing an additional 256,236 shares during the period. Legal & General Group Plc grew its holdings in Summit Materials by 7.0% in the 2nd quarter. Legal & General Group Plc now owns 110,853 shares of the construction company’s stock valued at $2,582,000 after buying an additional 7,227 shares in the last quarter. Finally, ExodusPoint Capital Management LP bought a new position in Summit Materials during the 2nd quarter worth $10,993,000.
Analysts Set New Price Targets
SUM has been the subject of a number of recent research reports. Stifel Nicolaus reduced their target price on shares of Summit Materials from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, December 19th. Citigroup raised their target price on shares of Summit Materials from $32.45 to $36.00 in a report on Tuesday, January 10th. JPMorgan Chase & Co. cut their price target on Summit Materials from $37.00 to $34.00 in a research note on Thursday, December 8th. Jefferies Financial Group lowered their price objective on Summit Materials from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, October 3rd. Finally, Morgan Stanley upped their target price on Summit Materials from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.10.
Summit Materials Price Performance
Summit Materials (NYSE:SUM – Get Rating) last posted its earnings results on Wednesday, November 2nd. The construction company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.06). Summit Materials had a return on equity of 7.48% and a net margin of 11.65%. The company had revenue of $686.01 million during the quarter, compared to the consensus estimate of $656.77 million. On average, sell-side analysts forecast that Summit Materials, Inc. will post 1.17 EPS for the current fiscal year.
Summit Materials Announces Dividend
The business also recently announced a — dividend, which was paid on Thursday, December 29th. Shareholders of record on Thursday, December 15th were given a $1.70 dividend. The ex-dividend date of this dividend was Wednesday, December 14th.
Summit Materials Profile
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, and residential and nonresidential end markets. It operates through three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
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