Magnetar Financial LLC Invests $1.28 Million in Summit Materials, Inc. (NYSE:SUM)

Magnetar Financial LLC bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 35,063 shares of the construction company’s stock, valued at approximately $1,284,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SUM. Johnson Investment Counsel Inc. grew its holdings in Summit Materials by 5.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after buying an additional 327 shares in the last quarter. Parallel Advisors LLC increased its holdings in Summit Materials by 113.7% in the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after acquiring an additional 399 shares during the last quarter. Waycross Investment Management Co increased its holdings in Summit Materials by 1.0% in the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after acquiring an additional 412 shares during the last quarter. InterOcean Capital Group LLC lifted its stake in Summit Materials by 4.5% in the 1st quarter. InterOcean Capital Group LLC now owns 10,591 shares of the construction company’s stock worth $472,000 after purchasing an additional 455 shares in the last quarter. Finally, American Trust boosted its holdings in shares of Summit Materials by 8.6% during the 1st quarter. American Trust now owns 7,026 shares of the construction company’s stock valued at $313,000 after purchasing an additional 557 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SUM. Morgan Stanley started coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Stifel Nicolaus decreased their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Truist Financial cut their target price 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 price target on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Stephens reissued an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. 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 company. According to data from MarketBeat.com, Summit Materials has a consensus rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $38.98 on Tuesday. Summit Materials, Inc. has a 52 week low of $29.98 and a 52 week high of $44.89. The company has a market capitalization of $6.84 billion, a PE ratio of 17.40 and a beta of 1.18. The stock’s fifty day moving average is $38.78 and its two-hundred day moving average is $39.27. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

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