iA Global Asset Management Inc. Invests $313,000 in Summit Materials, Inc. (NYSE:SUM)

iA Global Asset Management Inc. bought a new stake in Summit Materials, Inc. (NYSE:SUM) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 8,020 shares of the construction company’s stock, valued at approximately $313,000.

A number of other hedge funds have also recently added to or reduced their stakes in SUM. Raymond James & Associates lifted its holdings in shares of Summit Materials by 67.6% during the 2nd quarter. Raymond James & Associates now owns 269,232 shares of the construction company’s stock worth $9,857,000 after acquiring an additional 108,620 shares during the period. Fifth Third Bancorp increased its position in Summit Materials by 501.5% during the second quarter. Fifth Third Bancorp now owns 8,554 shares of the construction company’s stock worth $313,000 after purchasing an additional 7,132 shares during the last quarter. Bank of New York Mellon Corp increased its position in Summit Materials by 3.1% during the second quarter. Bank of New York Mellon Corp now owns 810,497 shares of the construction company’s stock worth $29,672,000 after purchasing an additional 24,146 shares during the last quarter. Amica Mutual Insurance Co. boosted its holdings in shares of Summit Materials by 10.4% in the 2nd quarter. Amica Mutual Insurance Co. now owns 40,800 shares of the construction company’s stock valued at $1,494,000 after purchasing an additional 3,846 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Summit Materials during the 2nd quarter valued at $5,555,000.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Truist Financial reaffirmed a “hold” rating and issued a $52.50 target price (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Morgan Stanley assumed coverage on Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. DA Davidson lifted their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $50.81.

Summit Materials Stock Performance

Shares of SUM stock opened at $50.90 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company’s fifty day moving average price is $45.64 and its two-hundred day moving average price is $40.79. The firm has a market capitalization of $8.94 billion, a P/E ratio of 62.07 and a beta of 1.14. Summit Materials, Inc. has a 12 month low of $34.38 and a 12 month high of $53.49.

Summit Materials (NYSE:SUM) last released its quarterly 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 return on equity of 6.90% and a net margin of 3.92%. 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 previous year, the firm posted $0.81 earnings per share. The company’s revenue was up 49.9% compared to the same quarter last year. On average, research analysts anticipate that Summit Materials, Inc. will post 1.66 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.