Norden Group LLC Acquires 111,069 Shares of Summit Materials, Inc. (NYSE:SUM)

Norden Group LLC increased its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 1,038.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 121,760 shares of the construction company’s stock after buying an additional 111,069 shares during the period. Norden Group LLC’s holdings in Summit Materials were worth $5,427,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Summit Materials by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock worth $460,688,000 after purchasing an additional 53,079 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Summit Materials by 20.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after acquiring an additional 1,137,500 shares during the period. Clearbridge Investments LLC raised its stake in Summit Materials by 3.8% during the 4th quarter. Clearbridge Investments LLC now owns 3,177,677 shares of the construction company’s stock worth $122,213,000 after buying an additional 116,540 shares during the period. River Road Asset Management LLC raised its holdings in Summit Materials by 6.8% during the fourth quarter. River Road Asset Management LLC now owns 1,727,475 shares of the construction company’s stock worth $66,439,000 after buying an additional 109,985 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Materials by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,445,466 shares of the construction company’s stock valued at $55,593,000 after purchasing an additional 28,515 shares in the last quarter.

Summit Materials Stock Up 1.5 %

Shares of NYSE:SUM opened at $36.16 on Thursday. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.58 and a quick ratio of 1.93. Summit Materials, Inc. has a 1 year low of $29.98 and a 1 year high of $44.89. The company has a market cap of $6.34 billion, a PE ratio of 16.14 and a beta of 1.15. The stock’s 50-day moving average is $38.41 and its 200 day moving average is $39.27.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.11. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The business had revenue of $773.23 million for the quarter, compared to analysts’ expectations of $803.98 million. During the same quarter in the previous year, the business posted ($0.26) earnings per share. The firm’s revenue for the quarter was up 89.9% compared to the same quarter last year. Sell-side analysts anticipate that Summit Materials, Inc. will post 1.85 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Truist Financial lifted their target price on Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Wolfe Research upgraded shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Wednesday, May 15th. Barclays raised their price target on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Finally, Citigroup lifted their price target on shares of Summit Materials from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials has a consensus rating of “Moderate Buy” and an average price target of $47.08.

Insider Activity at Summit Materials

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the completion of the sale, the insider now directly owns 60,630 shares in the company, valued at $2,437,932.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is owned by corporate insiders.

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.