California Public Employees Retirement System Has $6.79 Million Holdings in Summit Materials, Inc. (NYSE:SUM)

Posted by Defense World Staff on May 18th, 2023

California Public Employees Retirement System grew its holdings in shares of Summit Materials, Inc. (NYSE:SUM – Get Rating) by 7.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 239,141 shares of the construction company’s stock after purchasing an additional 16,134 shares during the period. California Public Employees Retirement System owned about 0.20% of Summit Materials worth $6,789,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SUM. JPMorgan Chase & Co. grew its position in shares of Summit Materials by 10.3% during the 1st quarter. JPMorgan Chase & Co. now owns 140,394 shares of the construction company’s stock worth $4,361,000 after purchasing an additional 13,146 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Summit Materials by 7.5% during the 1st quarter. Raymond James & Associates now owns 87,697 shares of the construction company’s stock worth $2,724,000 after acquiring an additional 6,154 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Summit Materials by 234.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 46,845 shares of the construction company’s stock worth $1,455,000 after acquiring an additional 32,858 shares during the period. Private Advisor Group LLC lifted its holdings in shares of Summit Materials by 8.0% during the 1st quarter. Private Advisor Group LLC now owns 11,654 shares of the construction company’s stock worth $362,000 after acquiring an additional 866 shares during the period. Finally, Bank of Montreal Can lifted its holdings in shares of Summit Materials by 19.4% during the 1st quarter. Bank of Montreal Can now owns 11,550 shares of the construction company’s stock worth $366,000 after acquiring an additional 1,876 shares during the period.

Summit Materials Stock Up 0.3 %

Summit Materials stock opened at $31.94 on Thursday. The company has a current ratio of 3.42, a quick ratio of 2.52 and a debt-to-equity ratio of 0.75. The firm’s fifty day moving average price is $27.99 and its two-hundred day moving average price is $29.45. Summit Materials, Inc. has a 1-year low of $21.99 and a 1-year high of $34.40. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 14.00 and a beta of 1.41.

Summit Materials (NYSE:SUM – Get Rating) last released its quarterly earnings results on Wednesday, May 3rd. The construction company reported ($0.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.12. Summit Materials had a net margin of 11.36% and a return on equity of 8.28%. The company had revenue of $407.27 million for the quarter, compared to analyst estimates of $396.61 million. During the same period last year, the firm earned ($0.40) earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. On average, equities research analysts predict that Summit Materials, Inc. will post 1.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Stephens reissued an “overweight” rating and issued a $37.00 price objective on shares of Summit Materials in a research note on Thursday, February 16th. Morgan Stanley increased their price objective on shares of Summit Materials from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday, January 20th. The Goldman Sachs Group increased their price objective on shares of Summit Materials from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, January 23rd. Seaport Res Ptn reiterated a “neutral” rating on shares of Summit Materials in a research report on Friday, February 10th. Finally, JPMorgan Chase & Co. cut shares of Summit Materials from an “overweight” rating to a “neutral” rating in a research report on Friday, March 10th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.08.

Summit Materials Profile

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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.