Aristeia Capital L.L.C. Makes New Investment in Summit Materials, Inc. (NYSE:SUM)

Aristeia Capital L.L.C. acquired a new stake in Summit Materials, Inc. (NYSE:SUM) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 17,052 shares of the construction company’s stock, valued at approximately $624,000.

A number of other institutional investors have also recently made changes to their positions in SUM. Sagefield Capital LP raised its holdings in Summit Materials by 25.7% during the 2nd quarter. Sagefield Capital LP now owns 252,094 shares of the construction company’s stock valued at $9,229,000 after buying an additional 51,489 shares during the last quarter. Xponance Inc. increased its position in shares of Summit Materials by 6.2% in the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after acquiring an additional 448 shares during the period. Magnetar Financial LLC bought a new position in shares of Summit Materials during the second quarter valued at about $1,284,000. Westwood Holdings Group Inc. boosted its holdings in shares of Summit Materials by 39.7% during the second quarter. Westwood Holdings Group Inc. now owns 722,124 shares of the construction company’s stock worth $26,437,000 after purchasing an additional 205,224 shares during the period. Finally, Sei Investments Co. grew its stake in shares of Summit Materials by 34.6% in the second quarter. Sei Investments Co. now owns 614,150 shares of the construction company’s stock worth $22,484,000 after purchasing an additional 157,986 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Stifel Nicolaus dropped 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 on the stock in a report on Wednesday, August 7th. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Citigroup increased their price target on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Stock Down 1.0 %

SUM stock opened at $38.98 on Tuesday. The business has a 50 day moving average of $38.78 and a 200 day moving average of $39.27. The firm has a market cap of $6.84 billion, a PE ratio of 17.40 and a beta of 1.18. Summit Materials, Inc. has a twelve month low of $29.98 and a twelve 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 announced its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating 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%. Summit Materials’s revenue for the quarter was up 58.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.71 EPS. On average, research analysts forecast that Summit Materials, Inc. will post 1.69 EPS for the current fiscal 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.