Summit Materials, Inc. (NYSE:SUM) Shares Sold by Susquehanna Portfolio Strategies LLC

Susquehanna Portfolio Strategies LLC reduced its position in Summit Materials, Inc. (NYSE:SUM) by 2.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,670 shares of the construction company’s stock after selling 2,600 shares during the period. Susquehanna Portfolio Strategies LLC’s holdings in Summit Materials were worth $3,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its holdings in Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after buying an additional 399 shares in the last quarter. Register Financial Advisors LLC acquired a new position in shares of Summit Materials during the 1st quarter worth approximately $45,000. Quest Partners LLC purchased a new position in shares of Summit Materials during the 2nd quarter valued at approximately $40,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Summit Materials in the 1st quarter valued at $102,000. Finally, TFO Wealth Partners LLC increased its holdings in Summit Materials by 45,250.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,721 shares of the construction company’s stock worth $105,000 after acquiring an additional 2,715 shares in the last quarter.

Analysts Set New Price Targets

Several research firms have issued reports on SUM. Stephens reaffirmed an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a report on Wednesday, August 7th. 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 for the company. Stifel Nicolaus lowered their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Finally, Citigroup increased their price objective on Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Summit Materials currently has an average rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Stock Down 1.3 %

Shares of NYSE:SUM opened at $38.71 on Friday. Summit Materials, Inc. has a 52-week low of $30.38 and a 52-week high of $44.89. The stock has a market cap of $6.80 billion, a P/E ratio of 17.28 and a beta of 1.18. The business has a fifty day moving average of $38.70 and a two-hundred day moving average of $39.23. 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 announced its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the firm posted $0.71 earnings per share. Summit Materials’s quarterly revenue was up 58.1% on a year-over-year basis. On average, research analysts expect that Summit Materials, Inc. will post 1.67 earnings per share for the current year.

Summit Materials Company 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.