Massachusetts Financial Services Co. MA Has $255.78 Million Stake in Summit Materials, Inc. (NYSE:SUM)

Massachusetts Financial Services Co. MA grew its holdings in Summit Materials, Inc. (NYSE:SUM - Free Report) by 20.6% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 6,650,459 shares of the construction company's stock after buying an additional 1,137,500 shares during the period. Massachusetts Financial Services Co. MA owned 5.57% of Summit Materials worth $255,777,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Signaturefd LLC lifted its position in Summit Materials by 110.3% in the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company's stock valued at $25,000 after purchasing an additional 343 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of Summit Materials in the third quarter valued at $54,000. Headlands Technologies LLC purchased a new position in Summit Materials in the 3rd quarter valued at about $77,000. Assetmark Inc. boosted its stake in shares of Summit Materials by 20.9% during the 3rd quarter. Assetmark Inc. now owns 5,021 shares of the construction company's stock worth $156,000 after purchasing an additional 868 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Summit Materials during the fourth quarter worth about $165,000.

Analyst Ratings Changes

SUM has been the topic of a number of analyst reports. Royal Bank of Canada raised their target price on shares of Summit Materials from $44.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Friday, May 3rd. StockNews.com lowered Summit Materials from a "hold" rating to a "sell" rating in a research note on Friday, May 3rd. 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 note on Thursday, March 14th. The Goldman Sachs Group increased their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the stock a "neutral" rating in a report on Thursday, March 14th. Finally, Citigroup boosted their target price on shares of Summit Materials from $46.00 to $51.00 and gave the company a "buy" rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $46.73.

Summit Materials Stock Up 1.4 %

Shares of NYSE SUM traded up $0.58 on Tuesday, hitting $40.72. The company had a trading volume of 616,246 shares, compared to its average volume of 979,562. The company has a quick ratio of 1.93, a current ratio of 2.58 and a debt-to-equity ratio of 0.66. Summit Materials, Inc. has a 12-month low of $29.98 and a 12-month high of $44.89. The firm has a market capitalization of $7.14 billion, a P/E ratio of 18.25 and a beta of 1.34. The business has a 50 day moving average of $41.37 and a two-hundred day moving average of $38.48.

Summit Materials (NYSE:SUM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.11. The company had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. Summit Materials's revenue for the quarter was up 89.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.26) earnings per share. As a group, equities research analysts forecast that Summit Materials, Inc. will post 2.15 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jason Kilgore sold 50,589 shares of the business's stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $40.21, for a total value of $2,034,183.69. Following the transaction, the insider now owns 60,630 shares in the company, valued at $2,437,932.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.55% of the company's stock.

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.