Federated Hermes Inc. Buys 62,889 Shares of Summit Materials, Inc. (NYSE:SUM)

Federated Hermes Inc. lifted its stake in Summit Materials, Inc. (NYSE:SUM) by 37.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 231,394 shares of the construction company’s stock after acquiring an additional 62,889 shares during the period. Federated Hermes Inc. owned approximately 0.19% of Summit Materials worth $8,899,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Summit Materials by 1.2% in the third quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company’s stock worth $371,353,000 after acquiring an additional 136,921 shares during the period. Massachusetts Financial Services Co. MA raised its position 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 worth $171,674,000 after buying an additional 3,122,575 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Summit Materials by 2.1% in the third quarter. Principal Financial Group Inc. now owns 5,251,061 shares of the construction company’s stock worth $163,518,000 after buying an additional 105,796 shares in the last quarter. FMR LLC raised its position in shares of Summit Materials by 22.6% in the third quarter. FMR LLC now owns 3,880,931 shares of the construction company’s stock worth $120,852,000 after buying an additional 714,379 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of Summit Materials by 1.1% in the third quarter. Clearbridge Investments LLC now owns 3,061,137 shares of the construction company’s stock worth $95,324,000 after buying an additional 34,100 shares in the last quarter.

Analyst Ratings Changes

SUM has been the topic of a number of recent analyst reports. Citigroup increased their price objective on Summit Materials from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. The Goldman Sachs Group increased their price objective on Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, March 14th. Royal Bank of Canada increased their price objective on Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 14th. Truist Financial increased their price objective on Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Finally, Barclays raised their price target on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials has an average rating of “Moderate Buy” and a consensus price target of $46.09.

Summit Materials Stock Down 1.6 %

SUM opened at $38.93 on Thursday. The company has a market cap of $6.78 billion, a P/E ratio of 16.36 and a beta of 1.32. The business’s 50-day moving average price is $41.90 and its 200-day moving average price is $37.80. The company has a current ratio of 5.36, a quick ratio of 4.62 and a debt-to-equity ratio of 0.99. Summit Materials, Inc. has a 12 month low of $26.18 and a 12 month high of $44.89.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.27 by $0.04. The firm had revenue of $613.13 million for the quarter, compared to the consensus estimate of $560.90 million. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, equities analysts expect that Summit Materials, Inc. will post 2.28 EPS for the current 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.