Summit Materials, Inc. (NYSE:SUM) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its position in Summit Materials, Inc. (NYSE:SUM) by 18.3% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,004,085 shares of the construction company’s stock after selling 674,400 shares during the period. Victory Capital Management Inc.’s holdings in Summit Materials were worth $117,249,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SUM. Hood River Capital Management LLC bought a new stake in shares of Summit Materials in the 1st quarter worth approximately $33,206,000. River Road Asset Management LLC increased its holdings 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 buying an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Summit Materials by 6.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Interval Partners LP acquired a new stake in shares of Summit Materials during the 1st quarter valued at $18,051,000. Finally, Millennium Management LLC grew its holdings in shares of Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after acquiring an additional 399,072 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have recently commented on SUM shares. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Royal Bank of Canada raised their price objective on shares of Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Jefferies Financial Group cut their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Truist Financial raised their target price on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.38.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $49.02 on Wednesday. The business’s 50-day simple moving average is $40.78 and its 200-day simple moving average is $39.37. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a 52 week low of $33.17 and a 52 week high of $51.74. The firm has a market cap of $8.61 billion, a price-to-earnings ratio of 59.78 and a beta of 1.14.

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

About Summit Materials

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.