Axa S.A. Purchases Shares of 15,800 Summit Materials, Inc. (NYSE:SUM)

Posted by Defense World Staff on Mar 2nd, 2023

Axa S.A. acquired a new position in Summit Materials, Inc. (NYSE:SUM – Get Rating) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 15,800 shares of the construction company’s stock, valued at approximately $379,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of SUM. Assetmark Inc. lifted its position in Summit Materials by 271.0% during the second quarter. Assetmark Inc. now owns 1,443 shares of the construction company’s stock valued at $34,000 after purchasing an additional 1,054 shares during the period. Eagle Bay Advisors LLC purchased a new stake in Summit Materials during the second quarter worth $40,000. Ellevest Inc. grew its position in Summit Materials by 141.4% during the third quarter. Ellevest Inc. now owns 2,930 shares of the construction company’s stock valued at $70,000 after buying an additional 1,716 shares during the period. Great West Life Assurance Co. Can acquired a new position in shares of Summit Materials in the third quarter worth about $153,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Summit Materials by 5.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 7,831 shares of the construction company’s stock worth $197,000 after acquiring an additional 381 shares in the last quarter.

Analyst Ratings Changes

SUM has been the subject of a number of analyst reports. Morgan Stanley upped their price target on Summit Materials from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, January 20th. Stifel Nicolaus dropped their target price on shares of Summit Materials from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, December 19th. Citigroup raised their price target on shares of Summit Materials from $32.45 to $36.00 in a research note on Tuesday, January 10th. The Goldman Sachs Group increased their target price on Summit Materials from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, January 23rd. Finally, JPMorgan Chase & Co. lowered their price target on Summit Materials from $37.00 to $34.00 in a research note on Thursday, December 8th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Summit Materials currently has an average rating of “Moderate Buy” and an average target price of $34.36.

Summit Materials Price Performance

Summit Materials stock opened at $29.51 on Thursday. The company has a current ratio of 3.98, a quick ratio of 3.15 and a debt-to-equity ratio of 0.74. The company has a 50-day moving average price of $30.93 and a 200 day moving average price of $29.01. Summit Materials, Inc. has a 12-month low of $21.99 and a 12-month high of $34.40. The stock has a market cap of $3.49 billion, a P/E ratio of 13.08 and a beta of 1.43.

Summit Materials (NYSE:SUM – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The construction company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The business had revenue of $511.66 million during the quarter, compared to the consensus estimate of $555.20 million. Summit Materials had a net margin of 11.28% and a return on equity of 7.58%. Sell-side analysts anticipate that Summit Materials, Inc. will post 1.43 earnings per share for the current year.

Summit Materials Announces Dividend

The company also recently disclosed a — dividend, which was paid on Thursday, December 29th. Stockholders of record on Thursday, December 15th were paid a $1.70 dividend. The ex-dividend date was Wednesday, December 14th.

About Summit Materials

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Summit Materials, Inc is a construction materials company. It manufactures construction materials and related downstream products. The firm operates its business through the following segments: Cement, West and East. The Cement consists of its Hannibal, Missouri and Davenport, Iowa cement plants and distribution terminals along the Mississippi river from Minnesota to Louisiana.