World Investment Advisors LLC Acquires Shares of 11,709 Summit Materials, Inc. (NYSE:SUM)

World Investment Advisors LLC acquired a new stake in shares of Summit Materials, Inc. (NYSE:SUM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 11,709 shares of the construction company’s stock, valued at approximately $457,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Massachusetts Financial Services Co. MA boosted its holdings in shares of Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after purchasing an additional 429,062 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Summit Materials by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Summit Materials by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after acquiring an additional 241,757 shares during the last quarter. River Road Asset Management LLC lifted its holdings in shares of Summit Materials by 15.9% in the 3rd 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 during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after acquiring an additional 9,566 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Loop Capital reaffirmed a “hold” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Truist Financial reaffirmed a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Summit Materials currently has an average rating of “Hold” and a consensus target price of $50.54.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the transaction, the insider now owns 40,221 shares of the company’s stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.55% of the company’s stock.

Summit Materials Stock Performance

Summit Materials stock opened at $50.79 on Wednesday. The company has a 50 day moving average price of $47.29 and a 200-day moving average price of $41.29. 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 fifty-two week low of $34.38 and a fifty-two week high of $53.49. The company has a market capitalization of $8.92 billion, a PE ratio of 61.94 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate 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% on a year-over-year basis. As a group, equities analysts forecast that Summit Materials, Inc. will post 1.66 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.