Fintel reports that on September 12, 2023, Truist Securities maintained coverage of Summit Materials Inc - (NYSE:SUM) with a Buy recommendation.
Analyst Price Forecast Suggests 36.47% Upside
As of August 31, 2023, the average one-year price target for Summit Materials Inc - is 44.24. The forecasts range from a low of 37.37 to a high of $52.50. The average price target represents an increase of 36.47% from its latest reported closing price of 32.42.
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The projected annual revenue for Summit Materials Inc - is 2,540MM, an increase of 2.85%. The projected annual non-GAAP EPS is 1.50.
What is the Fund Sentiment?
There are 626 funds or institutions reporting positions in Summit Materials Inc -. This is an increase of 41 owner(s) or 7.01% in the last quarter. Average portfolio weight of all funds dedicated to SUM is 0.33%, an increase of 3.16%. Total shares owned by institutions decreased in the last three months by 0.10% to 166,532K shares. 
The put/call ratio of SUM is 0.46, indicating a bullish outlook.
What are Other Shareholders Doing?
Capital International Investors holds 7,454K shares representing 6.27% ownership of the company. In it's prior filing, the firm reported owning 7,452K shares, representing an increase of 0.02%. The firm increased its portfolio allocation in SUM by 24.64% over the last quarter.
Macquarie Group holds 5,500K shares representing 4.62% ownership of the company. In it's prior filing, the firm reported owning 5,234K shares, representing an increase of 4.84%. The firm increased its portfolio allocation in SUM by 44.36% over the last quarter.
Principal Financial Group holds 5,145K shares representing 4.33% ownership of the company. In it's prior filing, the firm reported owning 5,110K shares, representing an increase of 0.68%. The firm increased its portfolio allocation in SUM by 23.89% over the last quarter.
Price T Rowe Associates holds 5,049K shares representing 4.25% ownership of the company. In it's prior filing, the firm reported owning 8,301K shares, representing a decrease of 64.42%. The firm increased its portfolio allocation in SUM by 69.69% over the last quarter.
Victory Capital Management holds 3,964K shares representing 3.33% ownership of the company. In it's prior filing, the firm reported owning 3,434K shares, representing an increase of 13.36%. The firm increased its portfolio allocation in SUM by 49.50% over the last quarter.
Summit Materials Background Information
(This description is provided by the company.)
Summit Materials is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single-source provider of construction materials and related downstream products in the public infrastructure, residential and non-residential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue growth opportunities in new and existing markets.
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This story originally appeared on Fintel.
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