Granite Investment Partners LLC Invests $4.21 Million in Summit Materials, Inc. (NYSE:SUM)

Granite Investment Partners LLC acquired a new position in shares of Summit Materials, Inc. (NYSE:SUM) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 115,018 shares of the construction company’s stock, valued at approximately $4,211,000. Granite Investment Partners LLC owned about 0.07% of Summit Materials as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Janney Montgomery Scott LLC increased its position in Summit Materials by 17.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 13,553 shares of the construction company’s stock worth $521,000 after buying an additional 1,965 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Summit Materials by 25.1% during the fourth 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 during the period. Brown Advisory Inc. acquired a new stake in shares of Summit Materials in the fourth quarter valued at approximately $360,000. Norges Bank acquired a new stake in Summit Materials during the fourth quarter worth approximately $49,437,000. Finally, Wells Fargo & Company MN increased its stake in Summit Materials by 3.4% during the 4th quarter. Wells Fargo & Company MN now owns 202,404 shares of the construction company’s stock worth $7,784,000 after acquiring an additional 6,633 shares during the period.

Summit Materials Stock Performance

Shares of SUM stock opened at $39.35 on Friday. The business’s 50-day moving average price is $38.78 and its 200-day moving average price is $39.35. Summit Materials, Inc. has a 12 month low of $29.98 and a 12 month high of $44.89. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of 17.57 and a beta of 1.18.

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

Wall Street Analyst Weigh In

SUM has been the topic of several analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a report on Wednesday, August 7th. Truist Financial cut their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Morgan Stanley began coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. Stifel Nicolaus reduced their target price on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Finally, Citigroup boosted their price target on Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

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.