Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Summit Materials, Inc. (NYSE:SUM – Free Report) by 63.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,140 shares of the construction company’s stock after acquiring an additional 21,432 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Summit Materials were worth $2,121,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. BluePath Capital Management LLC acquired a new stake in shares of Summit Materials in the third quarter valued at approximately $32,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Summit Materials in the third quarter valued at approximately $54,000. Headlands Technologies LLC acquired a new stake in shares of Summit Materials in the third quarter valued at approximately $77,000. Assetmark Inc. increased its stake in shares of Summit Materials by 20.9% in the third quarter. Assetmark Inc. now owns 5,021 shares of the construction company’s stock valued at $156,000 after purchasing an additional 868 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Summit Materials by 28.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,389 shares of the construction company’s stock valued at $168,000 after purchasing an additional 1,201 shares during the period.
Summit Materials Trading Up 2.0 %
Shares of NYSE:SUM opened at $39.57 on Wednesday. The stock has a market capitalization of $6.89 billion, a price-to-earnings ratio of 16.62 and a beta of 1.32. Summit Materials, Inc. has a 1-year low of $26.18 and a 1-year high of $44.89. The company has a debt-to-equity ratio of 0.99, a quick ratio of 4.62 and a current ratio of 5.36. The company has a 50 day moving average price of $41.87 and a 200 day moving average price of $37.80.
Analysts Set New Price Targets
SUM has been the subject of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 price objective for the company. Barclays increased their price objective on shares of Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Royal Bank of Canada increased their price objective on shares of Summit Materials from $39.00 to $44.00 and gave the company a “sector perform” rating in a report on Thursday, March 14th. Stephens reiterated an “overweight” rating and issued a $45.00 price objective on shares of Summit Materials in a report on Tuesday, February 13th. Finally, Truist Financial raised their target price on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $46.09.
Read Our Latest Analysis on Summit Materials
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.
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