GSA Capital Partners LLP Makes New $799,000 Investment in Summit Materials, Inc. (NYSE:SUM)

GSA Capital Partners LLP purchased a new stake in Summit Materials, Inc. (NYSE:SUM) during the 3rd quarter, Holdings Channel reports. The firm purchased 20,463 shares of the construction company’s stock, valued at approximately $799,000.

A number of other hedge funds also recently made changes to their positions in SUM. V Square Quantitative Management LLC acquired a new stake in Summit Materials in the 3rd quarter valued at approximately $27,000. Toth Financial Advisory Corp increased its holdings in shares of Summit Materials by 147.1% during 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 period. International Assets Investment Management LLC raised its position in shares of 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 worth $37,000 after buying an additional 913 shares in the last quarter. Quest Partners LLC bought a new stake in Summit Materials during the second quarter worth approximately $40,000. Finally, Farther Finance Advisors LLC raised its position in Summit Materials by 275.7% during the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after buying an additional 951 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SUM. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Truist Financial lifted their target price on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Stephens reiterated an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Citigroup dropped their target price 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, JPMorgan Chase & Co. reduced their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.38.

Summit Materials Trading Down 0.2 %

NYSE:SUM opened at $48.43 on Friday. The company’s 50 day moving average is $41.74 and its 200-day moving average is $39.62. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12 month low of $33.70 and a 12 month high of $51.74. The firm has a market cap of $8.50 billion, a price-to-earnings ratio of 59.06 and a beta of 1.14.

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

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.