Wolverine Asset Management LLC Purchases New Stake in Summit Materials, Inc. (NYSE:SUM)

Wolverine Asset Management LLC purchased a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 24,000 shares of the construction company’s stock, valued at approximately $879,000.

A number of other institutional investors have also modified their holdings of SUM. Parallel Advisors LLC grew its position in shares of Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after acquiring an additional 399 shares during the last quarter. Register Financial Advisors LLC acquired a new stake in Summit Materials in the 1st quarter valued at approximately $45,000. Quadrant Capital Group LLC boosted its position in Summit Materials by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after acquiring an additional 382 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Summit Materials in the first quarter worth $102,000. Finally, TFO Wealth Partners LLC increased its holdings in shares of Summit Materials by 45,250.0% during the fourth quarter. TFO Wealth Partners LLC now owns 2,721 shares of the construction company’s stock valued at $105,000 after purchasing an additional 2,715 shares during the period.

Analysts Set New Price Targets

A number of research firms have commented on SUM. Morgan Stanley started coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Stephens reiterated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Stifel Nicolaus cut their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. 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. Finally, Wolfe Research raised 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 note on Wednesday, May 15th. 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Stock Down 2.5 %

SUM stock opened at $36.81 on Thursday. The company has a 50 day moving average of $38.49 and a two-hundred day moving average of $39.71. The company has a market cap of $6.46 billion, a price-to-earnings ratio of 16.43 and a beta of 1.15. Summit Materials, Inc. has a 12-month low of $29.98 and a 12-month high of $44.89. 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 issued its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share 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 analyst estimates of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business’s revenue was up 58.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.71 EPS. On average, equities analysts anticipate that Summit Materials, Inc. will post 1.69 earnings per share for the current fiscal 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.