Troluce Capital Advisors LLC Makes New $10.98 Million Investment in Summit Materials, Inc. (NYSE:SUM)

Troluce Capital Advisors LLC purchased a new stake in Summit Materials, Inc. (NYSE:SUM) in the 2nd quarter, Holdings Channel reports. The fund purchased 300,000 shares of the construction company’s stock, valued at approximately $10,983,000. Summit Materials makes up 1.1% of Troluce Capital Advisors LLC’s holdings, making the stock its 22nd biggest position.

Several other hedge funds have also modified their holdings of SUM. Norges Bank purchased a new position in Summit Materials in the fourth quarter worth $49,437,000. Hood River Capital Management LLC acquired a new position in shares of Summit Materials during the 1st quarter worth $33,206,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after purchasing an additional 448,922 shares in the last quarter. Interval Partners LP acquired a new stake in shares of Summit Materials in the first quarter valued at about $18,051,000. Finally, Vanguard Group Inc. boosted its holdings in Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after buying an additional 262,179 shares in the last quarter.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $38.57 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The company has a market cap of $6.77 billion, a PE ratio of 17.22 and a beta of 1.18. The company has a 50-day simple moving average of $38.72 and a 200-day simple moving average of $39.23. Summit Materials, Inc. has a 12 month low of $29.98 and a 12 month high of $44.89.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. Summit Materials’s revenue was up 58.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.71 EPS. On average, equities analysts anticipate that Summit Materials, Inc. will post 1.67 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on SUM shares. Truist Financial dropped 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. Stephens reiterated an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Citigroup raised their price target on Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Morgan Stanley began coverage on shares of Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a report on Wednesday, August 7th. 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.40.

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.