Farther Finance Advisors LLC Purchases 951 Shares of Summit Materials, Inc. (NYSE:SUM)

Farther Finance Advisors LLC increased its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 275.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,296 shares of the construction company’s stock after acquiring an additional 951 shares during the quarter. Farther Finance Advisors LLC’s holdings in Summit Materials were worth $51,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in Summit Materials during the third quarter worth $27,000. Toth Financial Advisory Corp boosted its stake in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after acquiring an additional 913 shares in the last quarter. Quest Partners LLC bought a new position in Summit Materials during the second quarter worth $40,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in Summit Materials during the second quarter worth $154,000.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Royal Bank of Canada increased their target price on shares of Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Stephens restated an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. DA Davidson upped their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. 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 target price for the company. Finally, StockNews.com upgraded shares of Summit Materials from a “sell” rating to a “hold” rating in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.38.

Summit Materials Trading Down 0.6 %

Shares of Summit Materials stock opened at $48.71 on Thursday. Summit Materials, Inc. has a 1 year low of $33.70 and a 1 year high of $51.74. The firm has a market cap of $8.55 billion, a PE ratio of 59.76 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a 50 day simple moving average of $41.01 and a two-hundred day simple moving average of $39.43.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business posted $0.81 earnings per share. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. Analysts expect that Summit Materials, Inc. will post 1.64 earnings per share 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.