Zurcher Kantonalbank Zurich Cantonalbank Purchases 21,432 Shares of Summit Materials, Inc. (NYSE:SUM)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) by 63.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,140 shares of the construction company's stock after purchasing 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 reporting period.

Other hedge funds have also added to or reduced their stakes in the company. AE Wealth Management LLC acquired a new stake in shares of Summit Materials during the third quarter worth $532,000. Mach 1 Financial Group LLC acquired a new stake in shares of Summit Materials during the third quarter worth $509,000. Linden Thomas Advisory Services LLC lifted its holdings in shares of Summit Materials by 14.8% during the third quarter. Linden Thomas Advisory Services LLC now owns 7,549 shares of the construction company's stock worth $235,000 after buying an additional 973 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Summit Materials by 58.8% during the third quarter. Commonwealth Equity Services LLC now owns 34,886 shares of the construction company's stock worth $1,086,000 after buying an additional 12,911 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Summit Materials by 9.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 8,538 shares of the construction company's stock worth $266,000 after buying an additional 734 shares in the last quarter.

Summit Materials Price Performance

Summit Materials stock traded down $0.63 during midday trading on Wednesday, reaching $38.93. The company's stock had a trading volume of 579,819 shares, compared to its average volume of 967,007. The stock has a market cap of $6.78 billion, a PE ratio of 16.36 and a beta of 1.32. The company has a current ratio of 5.36, a quick ratio of 4.62 and a debt-to-equity ratio of 0.99. The business has a 50-day moving average price of $41.90 and a 200-day moving average price of $37.80. Summit Materials, Inc. has a 52 week low of $26.18 and a 52 week high of $44.89.

Summit Materials (NYSE:SUM - Get Free Report) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.04. The company had revenue of $613.13 million for the quarter, compared to analysts' expectations of $560.90 million. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The business's quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 earnings per share. On average, sell-side analysts predict that Summit Materials, Inc. will post 2.28 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SUM shares. Citigroup lifted their target price on Summit Materials from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, April 5th. Truist Financial raised their price target on Summit Materials from $50.00 to $53.00 and gave the stock a "buy" rating in a research report on Tuesday, April 2nd. The Goldman Sachs Group raised their price target on Summit Materials from $43.00 to $49.00 and gave the stock a "neutral" rating in a research report on Thursday, March 14th. Barclays raised their price target on Summit Materials from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 14th. Finally, Stephens restated an "overweight" rating and issued a $45.00 price target on shares of Summit Materials in a research report on Tuesday, February 13th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Summit Materials presently has an average rating of "Moderate Buy" and an average price target of $46.09.

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.