International Assets Investment Management LLC Raises Stake in Summit Materials, Inc. (NYSE:SUM)

International Assets Investment Management LLC lifted its position in shares of Summit Materials, Inc. (NYSE:SUM) by 3,804.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 937 shares of the construction company’s stock after buying an additional 913 shares during the quarter. International Assets Investment Management LLC’s holdings in Summit Materials were worth $37,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new position in Summit Materials in the 3rd quarter valued at $27,000. Toth Financial Advisory Corp increased its stake in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. Quest Partners LLC purchased a new position in Summit Materials during the second quarter worth about $40,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Summit Materials in the 1st quarter worth about $102,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Summit Materials in the 2nd quarter valued at about $154,000.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $50.41 on Friday. The company has a market cap of $8.85 billion, a P/E ratio of 61.47 and a beta of 1.14. Summit Materials, Inc. has a one year low of $33.04 and a one year high of $51.74. The business’s 50-day simple moving average is $40.59 and its 200 day simple moving average is $39.29. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.81 earnings per share. On average, sell-side analysts forecast that Summit Materials, Inc. will post 1.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SUM shares. StockNews.com raised shares of Summit Materials from a “sell” rating to a “hold” rating in a research report on Tuesday. JPMorgan Chase & Co. decreased their price target on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Citigroup reduced their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, DA Davidson upped their price target on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.38.

About Summit Materials

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.