Jackson Creek Investment Advisors LLC Invests $1.03 Million in Summit Materials, Inc. (NYSE:SUM)

Jackson Creek Investment Advisors LLC bought a new stake in Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 26,670 shares of the construction company’s stock, valued at approximately $1,026,000.

Other large investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its holdings in shares of Summit Materials by 130.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,512,959 shares of the construction company’s stock valued at $171,674,000 after purchasing an additional 3,122,575 shares during the period. River Road Asset Management LLC grew its position in shares of Summit Materials by 172.9% in the 3rd quarter. River Road Asset Management LLC now owns 1,617,490 shares of the construction company’s stock worth $50,369,000 after buying an additional 1,024,888 shares during the last quarter. FMR LLC raised its stake in shares of Summit Materials by 22.6% during the 3rd quarter. FMR LLC now owns 3,880,931 shares of the construction company’s stock worth $120,852,000 after acquiring an additional 714,379 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in Summit Materials during the third quarter valued at approximately $9,221,000. Finally, Hsbc Holdings PLC grew its holdings in Summit Materials by 496.4% in the third quarter. Hsbc Holdings PLC now owns 268,515 shares of the construction company’s stock worth $8,406,000 after purchasing an additional 223,489 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SUM shares. Stephens reissued an “overweight” rating and issued a $45.00 price target on shares of Summit Materials in a report on Tuesday, February 13th. Truist Financial lifted their price objective on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. The Goldman Sachs Group upped their target price on Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, March 14th. JPMorgan Chase & Co. initiated coverage on Summit Materials in a research note on Friday, February 23rd. They set an “overweight” rating and a $47.00 price target on the stock. Finally, Citigroup raised their price objective on Summit Materials from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Summit Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.09.

Summit Materials Stock Performance

Shares of SUM traded down $1.23 during trading hours on Tuesday, hitting $38.90. The stock had a trading volume of 1,132,227 shares, compared to its average volume of 961,023. The firm has a 50-day moving average price of $41.84 and a 200 day moving average price of $37.98. The company has a debt-to-equity ratio of 0.99, a quick ratio of 4.62 and a current ratio of 5.36. Summit Materials, Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $44.89. The firm has a market capitalization of $6.78 billion, a price-to-earnings ratio of 16.86 and a beta of 1.32.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.04. The firm had revenue of $613.13 million for the quarter, compared to analyst estimates of $560.90 million. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The business’s revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 EPS. As a group, research analysts anticipate that Summit Materials, Inc. will post 2.23 EPS 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.