Charles Schwab Investment Management Inc. Increases Holdings in Summit Materials, Inc. (NYSE:SUM)

Charles Schwab Investment Management Inc. increased its stake in Summit Materials, Inc. (NYSE:SUM) by 21.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,752,993 shares of the construction company’s stock after buying an additional 313,957 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Summit Materials were worth $68,419,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in Summit Materials in the third quarter valued at about $27,000. Toth Financial Advisory Corp raised its holdings in shares of Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC lifted its stake in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares during the last quarter. Quest Partners LLC bought a new position in Summit Materials during the second quarter valued at $40,000. Finally, Farther Finance Advisors LLC increased its position in Summit Materials by 275.7% in the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after buying an additional 951 shares during the last quarter.

Summit Materials Price Performance

NYSE:SUM opened at $51.09 on Friday. The firm has a market capitalization of $8.97 billion, a price-to-earnings ratio of 62.30 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock has a fifty day moving average of $43.98 and a 200 day moving average of $40.26. Summit Materials, Inc. has a 52-week low of $34.38 and a 52-week high of $53.49.

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

Analyst Ratings Changes

A number of research analysts have recently commented on SUM shares. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Tuesday. Morgan Stanley started coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. StockNews.com cut shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $50.81.

Summit Materials Company 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.