AQR Capital Management LLC Has $748,000 Holdings in Summit Materials, Inc. (NYSE:SUM)

AQR Capital Management LLC cut its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 21.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,437 shares of the construction company’s stock after selling 5,430 shares during the period. AQR Capital Management LLC’s holdings in Summit Materials were worth $748,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. NBW Capital LLC bought a new position in shares of Summit Materials in the second quarter worth $1,937,000. Troluce Capital Advisors LLC purchased a new stake in Summit Materials in the second quarter valued at approximately $10,983,000. Squarepoint Ops LLC bought a new stake in Summit Materials during the second quarter valued at approximately $2,320,000. Aristeia Capital L.L.C. purchased a new position in Summit Materials in the 2nd quarter worth approximately $624,000. Finally, Sagefield Capital LP increased its holdings in shares of Summit Materials by 25.7% in the 2nd quarter. Sagefield Capital LP now owns 252,094 shares of the construction company’s stock worth $9,229,000 after buying an additional 51,489 shares during the last quarter.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $38.59 on Monday. The company has a 50-day simple moving average of $38.29 and a two-hundred day simple moving average of $38.82. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. Summit Materials, Inc. has a one year low of $30.83 and a one year high of $44.89. The company has a market capitalization of $6.78 billion, a PE ratio of 18.03 and a beta of 1.17.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05. The firm had revenue of $1.08 billion for 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%. The firm’s revenue was up 58.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.71 EPS. Research analysts expect that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SUM shares. JPMorgan Chase & Co. lowered their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Stifel Nicolaus cut their target price on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Stephens reissued an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Citigroup cut their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Finally, Jefferies Financial Group decreased their target price on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.73.

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.