Orchard Capital Management LLC Reduces Stock Position in Summit Materials, Inc. (NYSE:SUM)

Orchard Capital Management LLC reduced its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 1.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 183,214 shares of the construction company’s stock after selling 2,544 shares during the quarter. Summit Materials comprises 2.0% of Orchard Capital Management LLC’s investment portfolio, making the stock its 24th biggest position. Orchard Capital Management LLC owned about 0.10% of Summit Materials worth $6,707,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC lifted its stake in Summit Materials by 10.5% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 17,053 shares of the construction company’s stock worth $656,000 after purchasing an additional 1,619 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Summit Materials by 17.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 13,553 shares of the construction company’s stock worth $521,000 after purchasing an additional 1,965 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after purchasing an additional 382 shares in the last quarter. Brown Advisory Inc. purchased a new stake in Summit Materials in the 4th quarter worth approximately $360,000. Finally, Norges Bank purchased a new stake in Summit Materials in the 4th quarter worth approximately $49,437,000.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Citigroup increased their target price on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Morgan Stanley assumed coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Truist Financial decreased their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Stifel Nicolaus decreased their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Finally, Stephens reissued an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.40.

Summit Materials Price Performance

SUM stock opened at $40.28 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. Summit Materials, Inc. has a 52 week low of $29.98 and a 52 week high of $44.89. The firm’s fifty day moving average is $38.76 and its 200 day moving average is $39.38. The firm has a market cap of $7.07 billion, a P/E ratio of 17.98 and a beta of 1.18.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm earned $0.71 EPS. The firm’s quarterly revenue was up 58.1% compared to the same quarter last year. Research analysts predict that Summit Materials, Inc. will post 1.69 earnings per share for the current year.

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.