Summit Materials, Inc. (NYSE:SUM) Position Lessened by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its stake in Summit Materials, Inc. (NYSE:SUM) by 4.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,500 shares of the construction company’s stock after selling 2,359 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Summit Materials were worth $1,932,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in Summit Materials during the 3rd quarter valued at $27,000. Toth Financial Advisory Corp raised its stake in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares in the last quarter. International Assets Investment Management LLC raised its stake in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Summit Materials during the 2nd quarter valued at $40,000. Finally, Farther Finance Advisors LLC increased its position in shares of Summit Materials by 275.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after purchasing an additional 951 shares during the period.

Summit Materials Stock Performance

Shares of SUM stock opened at $48.43 on Monday. Summit Materials, Inc. has a 1-year low of $33.70 and a 1-year high of $51.74. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 59.06 and a beta of 1.14. The stock’s fifty day simple moving average is $41.74 and its 200-day simple moving average is $39.62.

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Loop Capital lifted their price target on Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. DA Davidson lifted their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Jefferies Financial Group lowered their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Morgan Stanley initiated coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their target price on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.38.

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.