Summit Materials, Inc. (NYSE:SUM) Position Increased by Townsquare Capital LLC

Townsquare Capital LLC raised its position in Summit Materials, Inc. (NYSE:SUM) by 6.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,986 shares of the construction company’s stock after purchasing an additional 4,321 shares during the quarter. Townsquare Capital LLC’s holdings in Summit Materials were worth $2,888,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SUM. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials in the 3rd quarter valued at approximately $27,000. Toth Financial Advisory Corp grew its position in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Summit Materials in the 2nd quarter valued at $40,000. Finally, Farther Finance Advisors LLC boosted its holdings in Summit Materials by 275.7% in the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after purchasing an additional 951 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SUM shares. Morgan Stanley assumed coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Citigroup restated a “neutral” rating and issued a $52.50 target price (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Finally, Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials has an average rating of “Hold” and an average price target of $50.81.

Summit Materials Trading Down 0.3 %

Summit Materials stock opened at $50.94 on Friday. The business has a 50 day moving average price of $44.21 and a two-hundred day moving average price of $40.33. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12 month low of $34.38 and a 12 month high of $53.49. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of 62.12 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the company posted $0.81 earnings per share. Summit Materials’s revenue was up 49.9% on a year-over-year basis. As a group, equities analysts forecast that Summit Materials, Inc. will post 1.64 EPS for the current year.

Summit Materials Profile

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.